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Income Tax Planning
Chapter 9: Tax Credits/LIFETIME LEARNING TAX CREDIT
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 9: Tax Credits

LIFETIME LEARNING TAX CREDIT

01.Core Concepts

• Maximum per taxpayer is 20% of qualifying expenses (up to $10,000 per year). • Cannot be claimed in same year the American Opportunity Tax Credit is claimed for the same student. • Student must take one or more courses. • Felony conviction for possessing or distributing a controlled substance does not impact the Lifetime Learning Tax Credit. • Must provide Social Security number for both taxpayer claiming credit and student, beginning in 2026.