I read that I should receive 20% of the first 10,000 paid in tuition for the Lifetime Learners credit. Why am I not getting that amount?

ambercassady — Sat, 01 Jun 2019 19:56:39 GMT

It is not a refundable credit, like the AOC. This means i...

Coleen3 — Sat, 01 Jun 2019 19:56:40 GMT

It is not a refundable credit, like the AOC. This means it can only bring your tax liability to zero. There are also income limits.

You are eligible to claim the Lifetime Learning Credit if all of the following requirements are met:

You (or your dependent or a third party) paid qualified education expenses for higher education.
You paid the education expenses for an eligible student.
The eligible student is you, your spouse, or a dependent you claim an exemption for on your tax return.
Your modified adjusted gross income is less than $67,000($134,000 if you are married filing jointly).
The credit is reduced between $57,000 and $67,000 ($114,000 and $134,000 MFJ).

To qualify, students must attend an eligible institution. Almost all accredited public, nonprofit and for-profit postsecondary schools (including many trade schools) fit this description. To make sure a school is eligible, go to fafsa.gov and verify that it has a Federal School Code..Calculating your credit

You can include the cost of tuition, fees and any books or supplies you are required to purchase directly from the school if it's a condition of enrollment. Therefore, if your professor recommends that you purchase a textbook even though you can still enroll in the class without one, then you cannot include the cost of the textbook in the credit. The maximum credit you can claim is 20 percent of up to $10,000 in eligible costs or $2,000. It can credit 20% of your tuition. It is limited by your tax liability.

topic I read that I should receive 20% of the first 10,000 paid in tuition for the Lifetime Learners credit. Why am I not getting that amount? in Education

I read that I should receive 20% of the first 10,000 paid in tuition for the Lifetime Learners credit. Why am I not getting that amount?

It is not a refundable credit, like the AOC. This means i...