Tax Law Highlights - 2012
Lifetime Learning Credit - 2013
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 $107,000 for joint filers, up from $104,000, and $53,000 for singles and heads of household, up from $52,000.
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