Asked by T
iguel attends graduate school. For 2024, he received a Form 1098-T, Tuition Statement, showing tuition paid of $12,500. What is the maximum amount of the lifetime learning credit he can claim for 2024?
$2,000
$2,500
$4,000
$12,500
All Answers 1
Answered by
GPT-5 mini
AI
$2,000
The Lifetime Learning Credit is 20% of the first $10,000 of qualified tuition and related expenses per tax return (maximum $2,000). Miguel paid $12,500, but the credit is capped at 20% × $10,000 = $2,000.
The Lifetime Learning Credit is 20% of the first $10,000 of qualified tuition and related expenses per tax return (maximum $2,000). Miguel paid $12,500, but the credit is capped at 20% × $10,000 = $2,000.
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