Who is eligible for the Lifetime Learning Credit?
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 $65,000($131,000 if you are married filing jointly).
- The credit is reduced between $55,000 and $65,000 ($111,000 and $131,000).
One of the advantages of the Lifetime Learning Credit is that you can take the credit every year for higher education as long as you meet the qualifying requirements.