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Lifetime Learning Credit Student Requirements

Lifetime Learning Credit

The purpose of the lifetime learning credit is to encourage students to pursue higher education by reducing their final tax bill on a dollar-for-dollar basis. The credit, however, is not only available to the actual student, but you can claim it if you pay the school expenses for a spouse and any of your dependents. The IRS does impose Modified Adjusted Gross Income (MAGI) limitations each year if you earn too much income. In a recent tax year, the lifetime learning credit is unavailable to single taxpayers whose MAGI is $60,000 or more, or $120,000 or more if married filing jointly. Unless you are an expatriate who takes advantage of an IRS foreign income exclusion, your MAGI is equal to the Adjusted Gross Income (AGI) you report on your Form 1040.

Lifetime Learning Credit Eligible Educational Institutions

The lifetime learning credit doesn’t impose any enrollment restrictions or limitations on the number of years you can claim it. As long as an eligible student takes at least one course during the year at an eligible school, you can claim the credit. An eligible school is any college, university or vocational training program that is eligible to participate in the U.S. Department of Education’s financial aid program.

Calculating the Lifetime Learning Credit on Form 8863

The maximum lifetime learning credit you can claim on Form 8863 with your federal tax return per student, per year, is $2,000. To calculate the amount you are eligible for, you must add up all of your educational expenses on Form 8863. Expenses you can include in the credit are the tuition and fees the school requires to enroll, and the cost of books and supplies; but only if the school requires direct payment for these items as a condition of enrollment. For example, if you register for the course and the professor recommends two books that you can purchase at the bookstore, then you cannot include the book costs in the credit. The credit will equal 20 percent of the first $10,000 of allowable expenses you pay for. When claiming the lifetime learning credit, the IRS requires that you prepare Form 8863 and attach it to your Form 1040.

Reference: IRS Form 8863