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IDENTIFICATION
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Lifetime Learning Credit
A tax credit available to individuals for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.
Credit Limitations
Restrictions that cap the amount of credit that can be extended to a borrower by a lender.
Refundable Tax Credit
A tax credit that can reduce the taxpayer's liability to zero, with any remaining amount being paid out as a refund.
Nonrefundable Tax Credit
A tax credit that can reduce the amount of tax owed to zero, but cannot result in a tax refund.
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