The National Directory of Certified Public Accountants

Ask A CPA - Credits

Lifetime Learning Credit - 2016

A $2,000 credit is available for qualified expenses paid for post-secondary degree programs or for a non-degree program to acquire or improve job skills. It is not limited to the first 4 years of postsecondary education. Qualified expenses include tuition, course related books, activity fees and any equipment that must be purchased from the educational institution as a condition of enrollment. Room & Board expenses do not qualify. The modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $111,000 to $131,000 for joint filers, and $55,000 to $65,000 for singles

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