| Features | American Opportunity Tax Credit (AOTC) | Lifetime Learning Credit (LLC) |
|---|---|---|
| Maximum Credit | Up to $2,500 per eligible student | Up to $2,000 per tax return |
| Refundability | 40% of credit (up to $1,000) may be refundable | Not refundable |
| Income Limitations | Modified Adjusted Gross Income (MAGI) of up to $90,000 ($180,000 for joint filers) to claim full credit | MAGI of up to $69,000 ($138,000 for joint filers) to claim full credit |
| Qualified Expenses | Tuition, fees, and course materials required for enrollment | Tuition and fees required for enrollment |
| Eligibility Period | Available for the first four years of postsecondary education | Available for all years of postsecondary education and for courses to acquire or improve job skills |
| Form 1098-T | An informational document furnished by educational institutions to report amounts billed or payments received for qualified tuition and related expenses. | |
1098-T Form / IRS Form 1098-T: Educational Credits Comparison
