John M. Hoffman & Associates CPAs
Frequently Asked Tax Questions
Education Deductions and Credits
Lifetime Learning Credit
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The Lifetime Learning Credit is 20% of qualified tuition with a maximum $2,000 credit. This annual maximum credit is per taxpayer and not per student.
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The Lifetime Learning Credit is just like the name, for lifetime. Even if an old guy like Hoffman went back to school and went to vocational school to become an automobile mechanic, those expenses would qualify for the Lifetime Learning Credit.
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Education credits phase out at “MAGI” between $47,000 and $57,000 (single taxpayers) and between $94,000 and $114,000 (married taxpayers).
