In September 2018, Gene pays $5,200 to take a course to improve his job skills at...
In September 2018, Gene pays $5,200 to take a course to improve his job skills at work. Gene's AGI is $35,000 for 2018. What is Gene's lifetime learning credit for 2018?
Homework Answers
Lifetime learning credit is allowed 20% upto the maximum of $2000. Also this is not a reduction in taxable income but a reduction in tax liability.
Also his AGI is also within limit
Hence LLC = $5200*20% = $1040
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