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Dianne Williams Wildt, MBA

Certified Retirement Counselor®

Since 1983 in the financial services and investment industry


Retirement Pathways, Inc.

4500 Bowling Blvd., Suite 100

Louisville, KY 40207


Phone:  502-797-1258


Email: dianne@retirementpathways.com

Website: www.retirementpathways.com

September/October 2023

Claiming the Lifetime Learning Credit

Higher education costs have skyrocketed over the years, so who wouldn’t appreciate a little help paying for them? The Lifetime Learning Credit is a nonrefundable tax credit that can offset the cost of tuition and related expenses at eligible institutions.

Who Can Claim the Credit?
The credit can be claimed for you, your spouse or any other eligible dependent listed on your tax return. The person must have qualified education expenses at an eligible institution and be taking undergraduate, graduate or professional degree courses or courses to obtain or improve job skills. You or your dependent must be enrolled for at least one academic period that begins in the tax year for which you’re claiming the credit. You don’t have to be pursuing a degree. The credit is also available for postsecondary continuing education and professional development certificate programs.

Eligible Institutions and Expenses
Eligible institutions include public and private colleges and universities, vocational schools, and other postsecondary institutions. The credit can be claimed for tuition and fees and required expenses, such as equipment and supplies. The credit cannot be used for living expenses, including room and board, insurance, medical costs, transportation, or special services. Generally, it also cannot be used to purchase books from a school bookstore.

What Is It Worth?
The Lifetime Learning Credit is worth 20% of the first $10,000 of qualified expenses, for a maximum of $2,000. The credit is per tax return, not per person. Income limits apply. You must file a federal tax return and attach Form 8863 Education Credits. Keep in mind that if you use 529 funds or are reimbursed for educational expenses by an employer, you can’t claim the credit for the same expenses. Consult your tax advisor regarding your situation.


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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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