The lifetime learning credit is a federal tax credit for qualified tuition and related expenses. It is for eligible students enrolled in an eligible academic institution. This credit can help pay for undergrad, graduate and professional degree courses. This includes courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
There are income limits for the credit. The amount of the credit is gradually reduced as adjusted income increases. The credit amount is 20% of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The credit is not refundable. You can use the credit to pay any tax you owe, but you won’t receive any of the credit back as a refund.