True or false: The lifetime learning credit is available for any course of instruction and is NOT limited to courses taken at postsecondary educational institutions.

The statement is: False.

Explanation:

The Lifetime Learning Credit is a tax benefit provided exclusively to taxpayers for expenses related to tuition for post-secondary school life during a given year. The credit can be requested for any post-secondary class taken. The Lifetime Learning tax credit is up to 20% of the first $10,000 in tuition which implies the maximum deduction that could be received is $2,000.

The correct answer is True.

Explanation:

The Lifetime Learning Credit is available to all taxpayers who attend at least one course during the year at an institution eligible to participate in the federal student aid program. The student does not need to obtain a degree or certification to qualify, and is available for any year of study. The credit covers tuition and fees, plus any amount of books and materials that are required to be purchased directly from the school.

This credit is of special value to students who attend graduate programs. The maximum credit benefit is US $ 2,000. However, the Lifelong Learning credit is not refundable if it exceeds your tax liability for the year.