The Lifetime Learning Credit

The Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of up to $2,000 on the first $10,000 of college tuition and fees. You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses. Unlike the Hope Credit, you need not be enrolled at least half-time., even if you took only one class, you may take advantage of the Lifetime Learning Credit. To properly reflect the impact of college funding needs not only to incorporate investment assets such as 529 plans, model the out-going expenses for tuition, but also allow for educational tax credits through either a tax adjustment or the ability to create a cash inflow for the credit at any point in the planning horizon like ExecPlan Express personal financial planning software does.