Who can claim the Lifetime Learning Credit and is there a limit on how many years I can use it?

The Lifetime Learning Credit (LLC) is worth up to $2,000 per tax return, calculated by the IRS as 20% of up to $10,000 in qualified tuition and required fees. Unlike the American Opportunity Credit, there is no limit on the number of years you can claim it, and it applies to undergraduate, graduate, and professional degree courses, plus courses taken to acquire or improve job skills. That flexibility makes it valuable for graduate students, part-time learners, and career-changers. The catch: it is nonrefundable, so it only reduces tax you actually owe, and it is claimed per return, not per student. The credit phases out above income limits the IRS updates annually, so check irs.gov for the current MAGI thresholds. You need Form 1098-T from the institution to claim it.