In this episode, Dr. Friday provides valuable insights into the Lifetime Learning Credit, a tax credit designed to help offset the costs of higher education. He explains the eligibility criteria, including the income thresholds for single and married filers, and clarifies which expenses qualify for the credit. With his expertise, listeners can better understand how to take advantage of this tax-saving opportunity and potentially receive up to $2,000 in credits for qualifying educational expenses.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
You have a child in school and you’re wondering, “Can I get any of that lifetime learning credit?” And the answer is probably, let’s see, it’s 20% of the first $10,000 up to $2,000 credit, and then you have an income limitation. It’s $75,000 up to $90,000 for a single person, so if you’re making more than $90,000, you’re not going to get any of the credit. For a married couple, $155,000 up to $185,000. Again, if you’re making more than $185,000, you’re not going to get any of the credit. And this does not include, you cannot include in that money, lifestyle, so living expenses, transportation, they’re not eligible. Need help? Call me.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.