The lifetime learning credit is a nonrefundable tax credit designed to offset the cost of postsecondary education. The amount of the credit is 20% of the first $10,000 of qualified education expenses (i.e., tuition and fees required for enrollment or attendance, including amounts required to be paid to the institution for course-related books, supplies, and equipment) not to exceed $2,000 a year. There is no limit to the number of years you may claim the credit. The credit is subject to income limitations and phaseouts for the 2015 tax year begin at $130,000 if married filling jointly; $65,000 if single, head of household, or qualifying widow(er).
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