question archive Which of the following is not true of the lfetime learning credit? A) It is a nonrefundable credit
Which of the following is not true of the lfetime learning credit? A) It is a nonrefundable credit
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Which of the following is not true of the lfetime learning credit?
A) It is a nonrefundable credit.
B) The credit can be claimed by taxpayers who have graduated from college and are taking professional training courses to improve their job skills.
C) A taxpayer with multiple dependents can claim a credit for each dependent's qualifying expenses.
D) The credit is subject to phase out based on the taxpayer's AGI
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Anwer is (C): A taxpayer with multiple dependants can claim a credit for each dependants qualifying expenses
Lifetime learning credit is available to those tax payers who have incurred educational expenses. The same is subject to phase out based on the taxpayers AGI and non-refundable.
Lifetime learning credit is nothing to do with dependants with qualifying expenses. Therefore, correct answer is (c).
