What’s the Lifetime Learning Credit? Should I take it instead?

The Lifetime Learning Credit is a non-refundable tax credit often used by individuals

who do notqualify for the American Opportunity Credit. It offers tax relief

for students in undergraduate,graduate, postgraduate, and professional degree

courses and has no limit on how long you canclaim the credit.With this credit,

you may claim up to $2,000 for each eligible student that year.

The amount ofthe credit is 20% of the first $10,000 in tuition and fees paid.

None of this credit is refundablebut can reduce your tax liability.In order to qualify you must:- Have qualified expenses such as tuition, fees, books, supplies, equipment, and other requiredmaterials- Not exceed modified

adjusted gross incomes (MAGI) of $68,000 for single filers, $136,000 formarried filing jointly.

These numbers are for 2019 and tend to change so be sure to double-check.