Financial Planner

Answer: B - The Lifetime Learning Credit is available for all years of undergraduate and graduate work. Qualified expenses include tuition; books and supplies qualify as tuition if the fees must be paid to the institution as a condition of enrollment. Room and board and books and supplies do not qualify as expenses. The amount of the credit is 20 percent of the first $10,000 of qualified tuition paid for all eligible students. The maximum amount per family is $2,000.