What is the Limit of Lifetime Learning Credit?

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The lifetime Learning Credit will depend on the cost that is paid out of your pocket. So the expenses paid by taking loans will be considered as out-of-pocket expenses.

Expenses-

The LLC limits the expenses to the tuition and other mandatory fees. However, the AOTC offers more variety, as you can include other expenses like; books, computer cost, internet charges etc.

  • If, you have reached an age of 59 ½ – you can get a waiver of 10% penalty on the withdrawal, which can be used to cover the all-round expenses of your family-provided the withdrawal is used to cover qualified post-secondary educational expenses.
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