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Lifetime Learning Credit

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For academic expenses paid, you can claim a lifetime learning credit of up to $2,000 for the total qualified tuition paid for yourself, your spouse, or your dependent enrolled in an eligible school. In contrast to the Hope Credit, the lifetime learning credit can be used during any year of college education and has no workload requirement. The credit is the first 20 percent of $10,000 paid in tuition (thus, $2,000 for $10,000 tuition paid, or $1,000 for $5,000 paid in tuition). The credit applies to each student, but the $2,000 limit applies no matter how many students are eligible. The credit is phased out if you have an adjusted gross income between $41,000 and $51,000 and you file as single, or between $83,000 and $103,000 if you file a joint return.

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