What is the lifetime learning credit?

The government provides a wealth of information on the internet, so much in fact that most people don’t bother digging deep in to their websites to find programs that might be beneficial to them.  If you are unemployed the government has many sites dedicated to job search advice. The government is also one of the biggest employers in the country, they are hiring even in trying economic times and as you can guess there is a lot of government job listing on the web. One service that really stands out is the various sources of financial help on receiving skills that you would make you more employable. One of the ways that they help out is by tax credits such as the lifetime learning credit.

What is the lifetime learning credit?

The lifetime learning credit will allow you to claim a credit that will reduce the amount of tax that you owe. The limit is two thousand dollars a year and there isn’t any limit on the number of years that you can use this credit.

Who can use this credit?

You, your wife or your children can use it.  The income limit is 120,000 per couple and 60,000 for a single individual. The expenses can be tuition, books supplies and fees. Another great feature of this program is that you don’t have to be working toward a degree in order to qualify.

The education institutes have to be accredited by the US department of education.

Feel free to comment and please subscribe to my RSS Feed

Thanks