The Lifetime Learning tax credit enables a taxpayer to claim a tax credit of up to $2,000 per family for the cost of qualified tuition and related expenses paid by the taxpayer during the tax year on behalf of the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependents. You may qualify for an educational tax credit for tuition and fees paid for professional development studies programs.
A family can claim a credit of up to $2,000 for educational expenses on its tax return. Eligible education expenses are offset by scholarships, grants, and employer-provided tax-free educational assistance. The tax credit is subject to income and other limitations. Taxpayers may file IRS form 8863 Educational Credits with their tax returns to claim tax credits.
For detailed information, consult IRS Publication 970, Tax Benefits for Higher Education, which describes the tax credits and other tax savings opportunities related to the higher cost of education. It may be obtained at any IRS office, at http://www.irs.gov/publications/p970/ch03.html, or by calling 1-800-829-1040.