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Lifetime Learning Tax Credit

The Lifetime Learning Credit is for those who attend college classes. Read more, https://bestirstaxrefund.com/lifetime-learning-tax-credit-expenses-qualify/ It allows them to get a 20% tuition expenses credit with a phase out limit of $2,000 in tax credits on their first $10,000 of tuition expenses.

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Lifetime Learning Tax Credit

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  1. LIFETIME LEARNING TAX CREDIT 2020, 2021 The Lifetime Learning Credit is for those who attend college classes. EDUCATIONAL INSTITUTIONS THAT QUALIFY Accredited schools are considered eligible. Additionally, post-secondary schools and vocations schools qualify too. EXPENSES THAT QUALIFY Expenses that are eligible for this credit include the fees and tuition that were paid for schooling. However, anything outside of that such as health, insurance, room and board, books, etc. are not eligible for the credit. WHO IS ELIGIBLE FOR THIS CREDIT If you have a dependent child in college, you can claim this credit on your federal tax return. However, if your college student is not considered your dependen,t they are the ones who claim the credit on their federal tax return. INCOME LIMITATIONS ON THE CREDIT Gross income must be $66,000 or less or $132,000 or less if you are married and filing jointly. MAGI is between $56,000 and $66,000 (between $112,000 but less than $132,000 for married filing jointly), you receive a reduced amount of the credit.. Read more at www.bestirstaxrefund.com/lifetime-learning-tax-credit-expenses- qualify

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