COLLEGE TAX CREDITS

HOW HOPE AND LIFETIME COLLEGE TAX CREDITS APPLY TO YOU

Tuition and related fees are the only college expenses eligible for the credits.
Credits aren't available if joint adjusted gross income (bottom of page one amount) exceeds $103,000 or $51,000 for unmarried individuals. However, child can take credit if parent can't. But, parent can't take them as dependent if child wants credit.
The tuition credits will reduce your tax bill dollar for dollar.
Hope credit up to $1,500 per child can be claimed for their first two years of college. And, the Hope credit requires enrollment on at least 1/2 time basis for at least one academic year.
Lifetime credit is limited to $1,000 per return, and is NOT per child. And, Lifetime credit can be claimed even if only a single cource is taken.
Credits are usually for attending traditional accredited colleges and universities. But, trade school courses also can qualify. Be sure to check the school's eligibility.
The only college courses barred by law are those involving sports, games or hobbies, unless these are part of the student's degree program.