<topic sku="core" tNum="289590" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about the lifetime learning credit</title><category>tax</category><klink type="prcdr">Tell me about the lifetime learning credit</klink></index>
<content>
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<p>The new education credits help make higher education more affordable for many taxpayers. Unlike the Hope credit, the lifetime learning credit is available for an unlimited number of years. You may be able to claim a lifetime learning credit of up to $1,000<mdash/>20 percent of up to $5,000 of qualifying higher education expenses. The $1,000 credit limit per year is per taxpayer, regardless of how many students are in the household.</p>
<p>All of the following conditions must be true for you to qualify for the lifetime learning credit: </p>
<ul>
<li>You have qualified tuition and related expenses. </li>
<li>The expenses are paid on behalf of you, your spouse, or your dependents.</li>
<li>You do not deduct the expenses elsewhere, and you are not reimbursed for them.</li>
<li>You are not using the Married Filing Separately filing status. </li>
<li>The education expenses are paid during 2001, and they are for academic periods beginning during 2001 or the first three months of 2002. </li>
<li>Your modified adjusted gross income is below $50,000 ($100,000, if you are using the Married Filing Jointly filing status). You may qualify for a lesser credit if your modified adjusted gross income is between $40,000 and $50,000 ($80,000 and $100,000, if you are using the Married Filing Jointly filing status). </li>
</ul>
<p> For more information, see IRS Publication 970, Tax Benefits for Higher Education, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>.</p>
