Enrolled Agent Exam [Part 1] 45, Education Credits - Lifetime Learning Credit

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The Lifetime Learning Credit is capped at $2,000 per tax return, not per student. • Qualified expenses are strictly limited to tuition and fees required for enrollment, differing from other education credits. • The LLC is a non-refundable credit, meaning it can only reduce tax liability to zero and no portion is paid out as a refund. • Unlike the AOTC, the LLC can be claimed for an unlimited number of years, making it suitable for graduate or professional development courses. • Taxpayers cannot claim both the LLC and the American Opportunity Tax Credit (AOTC) for the same student in the same tax year. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep