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The Lifetime Learning Tax Credit allows students or the parents of dependent students to claim a credit for qualified education expenses paid for all students enrolled in eligible educational institutions, including the UW. This credit is nonrefundable.This credit lets taxpayers claim a maximum credit of $2,000 per taxpayer (20% of up to $10,000 paid in higher education expenses) for payments made in the calendar year.It is available to parents of dependent students or to students who are NOT claimed as dependents on their parents' federal tax return.he Lifetime Learning Tax Credit allows students or the parents of dependent students to claim a credit for qualified education expenses paid for all students enrolled in eligible educational institutions, including the UW. This credit is nonrefundable.
This is called the âincome thresholdâ - anything you earn above that will reduce the amount you can get. The income threshold for Working Tax Credit (or Working Tax Credit and Child Tax Credit together) will be reduced to Â£3,850 in April 2016.rom April 2016, the amount of household income you can have to get the maximum amount of Working Tax Credit is being reduced. Find out more about the income threshold cuts. These changes could have an impact on your income if youâre affected, so itâs best to be prepared.