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The Lifetime Learning Tax Credit Is a Credit of

Question 96

Multiple Choice

The lifetime learning tax credit is a credit of

A) 30 percent of the first $5,000 of college expenses up to a maximum of $1,500 for every eligible dependent who has incurred these expenses during the year.
B) 20 percent of the first $5,000 of college expenses up to a maximum of $1,000 for every eligible dependent who has incurred these expenses during the first two years of college.
C) 30 percent of the first $5,000 of college expenses up to a maximum of $1,500 for every eligible dependent who has incurred these expenses during the first two years of college.
D) 20 percent of the first $10,000 of tuition and fees up to a maximum of $2,000 for every eligible dependent who has incurred these expenses during the year.

Correct Answer: