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Lifetime Learning Credit, What you Need to Know

June 2, 2014
Written by: Fresh Start Tax

IRS, Tax Return Info Education Credits
Question: What is a lifetime learning credit?

Answer: The lifetime learning credit is a nonrefundable tax credit with a per family dollar limit that is available for qualified tuition and related expenses of higher education, whether the student is at the undergraduate or graduate level.

The lifetime learning credit is calculated by taking 20% of the first $10,000 of the qualified educational expenses paid for all eligible students.

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