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Lifetime Learning Tax Credit

Taxpayers who pay registration/tuition and other fees for attending specified colleges may be eligible to claim a non-refundable Lifetime Learning tax credit.

This credit is applicable to students pursuing post-secondary education to develop or improve job skills. A family may claim up to 20 percent of qualified expenses or no more than $5,000. Unlike the Hope Scholarship tax credit, which is based on an individual's enrollment status, the Lifetime Learning Tax Credit is family based.

Financial aid awards including Pell grants and SEOG and institutional waivers, grants, scholarships and other forms of tax-free educational assistance may reduce the credit. See the IRS publication 970 for phase-out rules.

For more information, visit IRS Lifetime Learning Credit.external link

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