Question

Select all that apply. Which of the following expenses typically qualify for the Lifetime Learning Credit?

a) Tuition and fees
b) Room and board
c) Books and supplies
d) Transportation

Answer 1

For the Lifetime Learning Credit, typically only tuition and fees are eligible expenses, whereas room and board, transportation, and books and supplies not purchased directly from the institution do not qualify.

Step-by-step explanation:

The Lifetime Learning Credit is a credit that can help pay for undergraduate, graduate, and professional degree courses - including courses to acquire or improve job skills. Eligible expenses for the Lifetime Learning Credit include tuition and fees required for enrollment or attendance at an eligible educational institution. If an individual is required to buy books or supplies directly from the educational institution as a condition of enrollment or attendance, then those expenses may also qualify.

However, some common college expenses do not qualify for the Lifetime Learning Credit. These non-eligible expenses include room and board, transportation, and books and supplies not required to be purchased directly from the educational institution. Therefore, among the provided options, only tuition and fees typically qualify for the Lifetime Learning Credit.