Since the student is your dependent, the Lifetime Learning Credit (LLC) is claimed on your tax return. There is a $90K (180K married) income limit to claim it.
Unlike the more generous American Opportunity Credit (AOC or AOTC), there is no limit on how many times the LLC can be claimed, so there is no need to "track it". Once your kid gets to college, TurboTax will track the AOTC.
