Intuit Academy Tax Practice Exam

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Enhance your tax skills with the Intuit Academy Tax Exam. Access multiple choice quizzes and detailed explanations. Prepare effectively and excel in your exam!

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How much is the maximum Lifetime Learning Credit a taxpayer can receive?

$1,000 per tax return
$1,500 per tax return
$2,000 per tax return
$2,500 per tax return

The correct answer is: $2,000 per tax return

The maximum Lifetime Learning Credit a taxpayer can receive is $2,000 per tax return. This credit is designed to help offset the costs of post-secondary education, including tuition and related expenses, for eligible students enrolled in a college, university, or vocational school. The Lifetime Learning Credit is non-refundable, meaning it can reduce a taxpayer's liability to zero but will not provide a refund. Additionally, the credit applies to an unlimited number of years, which is especially beneficial for individuals pursuing advanced or professional education. This amount allows for significant savings for students and families investing in education, making it a valuable resource for educational expenses.