Hope and Lifetime Learning Tax Credit

Hope Tax Credit
Provides a maximum of $1,500 tax credit for tuition and fees paid each year for the first two years of college for qualified taxpayers:

• Independent students
• Dependent students
• Parent(s) of dependent students

Taxpayers may be eligible to claim a Hope Tax Credit against their federal income taxes. The Hope Tax Credit may be claimed for the qualified tuition and fees expense of each student in the taxpayer’s family (i.e. the taxpayer, the taxpayer’s spouse, or an eligible dependent).

The amount that may be claimed as a tax credit is generally equal to: (1) 100% of the first $1,000 of qualified tuition and fees expense for each student, plus (2) 50% of the next $1,000 of the student’s expenses.
Thus, the maximum credit a taxpayer may claim is $1,500 for each student who meets the following criteria:

• Enrolled in the first two years of post-secondary education
• Enrolled in a program leading to a degree or certificate
  AND enrolled at least half-time

Lifetime Learning Tax Credit
Lifetime Learning Credit is for College Juniors, Seniors, Graduate Students and working Americans pursuing lifelong learning to upgrade their skills. For those beyond the first two years of college, or taking classes part-time to improve or upgrade their job skills, the family will receive a 20% tax credit for first $5,000 of tuition and fees through 2002, and for the first 10,000 thereafter. The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment after June 30, 1998. The credit is available on a per-taxpayer (family) basis, and is phased out at the same income levels as the HOPE Scholarship.

Click here for more information on the Hope and Lifetime Learning Tax Credit

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