Whether you never got your undergraduate degree or you’re heading back for a master’s or PhD, you can benefit on your annual tax return. The Lifetime Learning Credit is available for qualifying undergraduate, graduate, and certificate students who are attending classes at least part time. Students who are taking courses to acquire or gain job skills may also be eligible, and in this case, there is no time requirement. The Lifetime Learning Credit covers up to 20% of the first $10,000 of qualifying educational expenses.
Unlike tax deductions, which lower your taxable income, tax credits reduce your tax liability dollar for dollar. That means that taking advantage of your Lifetime Learning Credit can really benefit you when tax time rolls around.
Want to learn more about how to properly claim this credit on your tax return? Get in touch with Tax Resolution St. Louis today. We’re St. Louis’s best choice for skilled and knowledgeable tax help. In our decades on the job, we’ve guided so many taxpayers just like you toward the best possible outcomes in their dealings with the IRS. We’re standing by to take your call!