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IRS: Lifetime learning credit explained

Eligible Americans have the opportunity to collect a tax credit from the IRS called the Lifetime Learning Credit.

tax forms to submit to the irs for the lifetime learning credit

This credit is for those who made tuition and fee payments to a college over the course of a year.

It does not need to be for getting a degree, just taking classes at an eligible school.

There are limits for things like income when it comes to this credit to keep in mind.

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How do I know what my lifetime learning credit is to claim it from the IRS?

There is a limit to what you can claim for the credit.

The amount is $2,000 as a result of the limit being 20% of up to $10,000.

Included in the LLC

  • Cost of tuition
  • Fees
  • Books
  • Supplies

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How to claim this credit from the IRS

The claim can be made at the end of the academic year.

You will receive a form 1098-T from the school you’re studying at.

This gives you a rundown of eligible costs.

Once you know what to claim, you can file Form 8863 with your taxes.

You may not claim both this credit and the American Opportunity Credit in the same year.

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