All of the following statements about the lifetime learning credit is correct except:
A)Available for graduate course work.
B)Available for undergraduate course work.
C)Credit may only be used for five years.
D)Provides a tax credit for qualified education expenses.

Question

Quizplus · Accepted Answer

The lifetime learning credit does not have a time limit and can be used for an unlimited number of years, as long as the taxpayer continues to meet the eligibility requirements. Therefore, statement C is incorrect. Statements A, B, and D are all correct.

All of the Following Statements About the Lifetime Learning Credit