LLC Calculator 2023: How much is the Lifetime Learning Credit?

Those heading to college or any other sort of higher education in the USA should always be looking around to see what sorts of grants and schemes exist that they could be eligible for.

They all exist to be used and many miss out on valuable help that could have made the whole experience much smoother.

These forms of financial aid differ from student loans in that a lot of them don’t need to be paid back, so they’re well worth looking into.

What is the Lifetime Learning Credit (LLC)?

The Lifetime Learning Credit (LLC) is there to provide help for qualified tuition and related expenses for eligible students who are enrolled in an eligible educational institution.

It exists to help pay for undergraduate, graduate and professional degree courses. That also includes courses to acquire or improve job skills that end up aiding the general workforce.

What is unusual about this particular scheme is that there is no limit on the number of years that it can be claimed for.

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How much is the Lifetime Learning Credit (LLC) worth?

The LLC claim is worth up to 2,000 dollars per tax return which means it can be a pretty sizeable leg up for anyone that is eligible to receive it.

There are three primary requirements that must be met in order to receive LLC in 2023. All three must be met, rather than just one.

  1. You, your dependent or a third party pay qualified education expenses for higher education.
  2. You, your dependent or a third party pay the education expenses for an eligible student enrolled at an eligible educational institution.
  3. The eligible student is yourself, your spouse or a dependent you listed on your tax return.

In terms of being classed as an eligible student, that student must meet the following requirements:

  1. Be enrolled or taking courses at an eligible educational institution.
  2. Be taking higher education course or courses to get a degree or other recognized education credential or to get or improve job skills.
  3. Be enrolled for at least one academic period beginning in the tax year.