Assuming the credit isn't greater than my federal tax due, shouldn't the calculation of my lifetime learning credit be 20% of the first $10,000 of qualified expenses?

mmjacks — Fri, 07 Feb 2020 01:56:16 GMT

Re: Assuming the credit isn't greater than my federal tax due, shouldn't the calculation of my li...

GiseleD — Fri, 07 Feb 2020 02:16:04 GMT

You are correct. The Lifetime Learning Credit is 20% of the first $10,000 of qualified education expenses paid for all eligible students. The maximum credit is $2,000 per return regardless of the number of eligible students. There is no limit on the number of years the credit can be claimed for each student.

Restrictions

Income limit: Credit is phased out at modified AGI between $58,000 and $68,000 ($116,000 and $136,000 MFJ).

Who cannot claim the credit

No credit is allowed if:

• Filing status is MFS.

• The taxpayer is claimed as a dependent on another person’s tax return.

• The taxpayer or spouse was a nonresident alien for any part of the year who did not elect to be treated as a resident alien for tax purposes.

See here for further information.

topic Assuming the credit isn't greater than my federal tax due, shouldn't the calculation of my lifetime learning credit be 20% of the first $10,000 of qualified expenses? in Education

Assuming the credit isn't greater than my federal tax due, shouldn't the calculation of my lifetime learning credit be 20% of the first $10,000 of qualified expenses?

Re: Assuming the credit isn't greater than my federal tax due, shouldn't the calculation of my li...