What is the eligible Lifetime Learning Credit amount based on the provided education expenses?

The Lifetime Learning Credit is designed to help offset the costs of post-secondary education by allowing taxpayers to claim a credit for qualified education expenses. The credit is calculated as 20% of the first $10,000 spent on eligible tuition and fees per tax return, up to a maximum credit of $2,000 per tax return.

In this case, if the eligible education expenses amount to $6,200, the calculation would be as follows:

20% of $6,200 = $1,240.

This value reflects the maximum Lifetime Learning Credit that can be claimed on the tax return based on the provided education expenses. It is crucial to note that the credit is non-refundable, meaning it can reduce the tax liability to zero but will not result in a refund.

Therefore, the amount calculated aligns with the correct answer, which is $1,240.