Lifetime Learning Tax credit
This credit is available for all years of post secondary education and for courses (even a single course) to acquire or improve job skills.
- The Lifetime Learning credit can only be used for tuition and fees. The credit can be claimed for 20 percent of the amount you pay (see maximum limits below).
- A taxpayer may claim a tax credit for 20% of up to $10,000 in a combination of tuition and fees. This equates to a $2,000 tax credit in 2008 and 2009.
- Selected counties in Iowa and Nebraska are part of the Midwest Disaster Area, because of storms last year, and qualify for double benefits.
- The amount of the credit begins to phase out if your AGI is between $50,000 and $60,000 for a single return and between $100,000 and $120,000 for a joint return.
- Consult IRS Publication 970 or your tax advisor for details.
- If we have your SSN on file, we will send you appropriate paperwork to file with the IRS.