Lifetime Learning Tax Credit

• A non-refundable tax credit subtracted from tax liability

• Based upon educational expenses for family

  • Through 2001, up to 20% of $5,000 expense
  • Thereafter, up to 20% of $10,000 expense

• Qualified expense is tuition/required fees less scholarships, grants, and tax-free educational assistance

• Phased out at same income levels as Hope Scholarship

• Can claim Lifetime Learning credit for some family members and Hope Scholarship for others in same tax year

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