To get a Lifetime Learning Credit of $2000:Your education expenses (less scholarship) must be $10,000 or more. The credit is 20% of net expenses, up to $10kIf your expenses are at least $10k, your tax liability after other credits must also be at least $2000. If your tax liability is only $1500 (as an example), you only need $1500.Assuming the 2 points above are met, your income also must be under $55,000 (or $131,000 on a joint return). The credit is phased out between $55k and $65k.What's on your 1098-T and what's your income/ situation?(kids, etc)

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cfapaulino

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What factors would cause me to receive a Lifetime Learning Credit less than $2000? I'm surprised I'm getting less back on my refund than I did last year when my circumstances have hardly changed.

Forum|Forum|6 years ago
June 4, 2019
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Best answer by ChristinaS

To get a Lifetime Learning Credit of $2000:

Your education expenses (less scholarship) must be $10,000 or more. The credit is 20% of net expenses, up to $10k
If your expenses are at least $10k, your tax liability after other credits must also be at least $2000. If your tax liability is only $1500 (as an example), you only need $1500.
Assuming the 2 points above are met, your income also must be under $55,000 (or $131,000 on a joint return). The credit is phased out between $55k and $65k.

What's on your 1098-T and what's your income/ situation?(kids, etc)

hussenn

i have the same question, i am a grad student, loan amount/educational expense 12K, income 24k, i was expecting 2K life time credit but it is only 1300, I need help.

ChristinaSAnswer

Employee

To get a Lifetime Learning Credit of $2000:

Your education expenses (less scholarship) must be $10,000 or more. The credit is 20% of net expenses, up to $10k
If your expenses are at least $10k, your tax liability after other credits must also be at least $2000. If your tax liability is only $1500 (as an example), you only need $1500.
Assuming the 2 points above are met, your income also must be under $55,000 (or $131,000 on a joint return). The credit is phased out between $55k and $65k.

What's on your 1098-T and what's your income/ situation?(kids, etc)

simonep

I have the same question. I Received the credit on my '20 tax return for the full amount and now for my '21 return I'm getting considerably less (less than half) and I am wondering what caused that? Nothing in my life has changed(no kids or major purchases). My tuition was higher even because I was enrolled for all quarters. Or does my tuition have to be a certain amount above my scholarships and grants?

AmyC

Employee

Yes, your tuition minus your grants and scholarships equals the part that you are allowed to count towards the credit. The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe but you won’t receive any of the credit back as a refund.