Definitions for "lifetime learning credit"
Related Terms:
Hope scholarship credit, Hope scholarship, Stipend, Student contribution, Cost of attendance, Tuition, Cost of education, Simplified needs test, Tuition fees, Federal work-study, Coa, Scholarships, Scholarship, Fee-help, Full time student, Bursary, Enrolment, Federal work-study program, Federal work study, Hecs-help, Financial aid, Parent loans for undergraduate students, Expected family contribution, Parents' contribution, Financial need, Parent loan for undergraduate students, Fellowship, Mandatory fees, College education, Full-time student, Transfer credit, Cross-registration, Matriculation, Transfer student, Headcount, Freshman, Student, Graduate assistant, Sap, Out-of-state student, Enrollment status, Enrollment, Good standing, Fellowships, Satisfactory academic progress, Enrolled, Eligible student, Dependent student, Plus
An education tax credit designed to reduce education costs in any year. One lifetime learning credit may be claimed per year.
A federal tax credit enacted in 1997 that is available for qualified tuition and related expenses to borrowers who meet the qualifications of the program. It may provide a family up to $1,000 in tax credit per year per tax return for an unlimited number of years. The student is not required to be pursuing a degree at least half time.
An education tax credit designed to reduce the costs of college education. It can only be claimed once per tax return regardless of the number of children you have enrolled in college at the same time.
The Lifetime Learning tax credit applies to students in undergraduate, graduate and professional degree programs and to students enrolled in coursework to acquire or improve job skills. Students who are not eligible to claim the Hope tax credit may be eligible to claim the Lifetime Learning tax credit. This credit is not limited by the workload of the student and can be claimed for an unlimited number of years. The credit is applicable for payments made during the 2002 calendar year. Taxpayers may claim a maximum credit of $1,000, but the amount of the credit is phased out at certain income levels. See IRS Notice 97-60 for more details. M - N O - P Q - R
A nonrefundable credit equal to 20 percent of the first $5,000 of qualified higher education tuition and fees paid during the year on behalf of the taxpayer, his or her spouse, or his or her dependents.
A nonrefundable education credit of up to $1,000 per return available for all years of postsecondary education and for courses to acquire or improve job skills and for an unlimited number of years. The student does not need to be pursuing a degree or other recognized educational credential.
A federal income tax credit for educational expenses that have been paid for by the student (or parents). The amount of the credit depends on income. Unlike the Hope Credit, it is not limited to the first two years of college.
The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer's family who are enrolled in eligible educational institutions. Through 2002, the amount that may be claimed as a credit is equal to 20 percent of the taxpayer's first $5,000 of out-of-pocket qualified tuition and related expenses for all the students in the family for a maximum of $1,000. Individuals with modified adjusted gross incomes of $50,000 or more and joint filers with modified adjusted gross incomes of $100,000 or more are not eligible for the Lifetime Learning Credit.
A nonrefundable education credit of up to $2,000 per return, available for an unlimited number of years for all years of postsecondary education or for courses taken to improve job skills. The student does not need to be pursuing a degree or other recognized educational credential.
An education tax credit that could reduce a person's federal income taxes by up to 20 percent of the first $5,000 out-of-pocket qualified tuition and fees paid for all eligible students in their family. Students are not required to take more than one course, and both undergraduate and graduate level qualified tuition fees from eligible institutions can be included. To receive the credit a taxpayer's adjusted gross income must not exceed a specified dollar amount.
A federal initiative whereby a person is eligible for a non-refundable credit for a specific amount spent on higher education tuition and fees during the year.
The credit equals 20 percent of the first $10,000 of qualified education expenses paid annually. It is available for any course work at a qualified education institution that improves job skills. Only one Lifetime Learning credit is available to a taxpayer, regardless of the number of students incurring qualified tuition expenses. The credit is phased out for joint filers with modified adjusted gross income (AGI) between $90,000 and $110,000 ($45,000 and $55,000 for single filers.) The modified adjusted gross income amounts are adjusted annually for inflation.
A nonrefundable credit equal to twenty percent for up to $5,000 of qualified tuition and related expenses for undergraduate and or graduate level courses.
A tax credit available to families with modified adjusted gross incomes (MAGI) under $110,000 (married filing jointly) or $55,000 (single tax payers). The maximum tax credit equals 20% of the first $10,000 of qualifying expenses. It is available for all years of postsecondary education and can be used for courses that improved job skill as well as for degree programs.
This allows a credit for 20 percent of qualified tuition and fees paid by the taxpayer with respect to one or more students for any year that the HOPE SHCOLARSHIP CREDIT is not claimed.
A 20% federal credit toward the first $5,000 ($10,000 after 2002) of qualified education expenses, including tuition and/or other educational expenses incurred to learn or improve job skills. This credit is available to college juniors and seniors, graduate students, and working Americans.
See College credits.