rjs
Level 15
Level 15

Education

Sorry. @Hal_Al  was mistaken in your other thread, and I didn't catch the error. According to IRS Publication 970, page 23, the maximum Lifetime Learning Credit is $2,000 per return. You are getting the maximum credit.


Letting the children claim the credit could possibly allow them to each get up to the $2,000 maximum. But their tax liability (Form 1040 line 18) might not be high enough for them to get the maximum credit. Also, as discussed in the other thread, there are other drawbacks to letting them claim the credit. It's probably better overall to leave it the way it is.

 

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