Students that paid for their education last year have an opportunity to catch a break when it comes to finances with the IRS.
The Lifetime Learning Credit gives qualifying students a credit toward their tuition and fees they pay in the form of a tax deduction.
The credit works for undergraduate, graduate and professional degree classes.
There is not a limit to how many years to can claim this credit.
It’s worth $2,000.
Qualifying for the LLC from the IRS
If you or a dependent paid for qualifying education expenses for a higher education you may qualify.
If you paid for a dependent’s education.
Those who are students themselves can qualify if they paid for education expenses.
You need to be enrolled in an eligible college and taking courses to qualify.
Your income limits must be between $59,000 and $69,000 to qualify.
Form 1098-T, Tuition Statement can be used from the school to claim this credit.
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