Saturday, October 31, 2009

What exactly can you use the HOPE TAX CREDIT FOR?

It seems that the HOPE TAX CREDIT and the LIFE TIME CREDIT cannot be used for a lot of things, What exactly can you get credit for? I have read all of the things you cannot use it for:



tuition, books, supplies, room and board, transportation. So what is it good for? What is left to get credit for, because they covered everything that you would have to spend!



What exactly can you use the HOPE TAX CREDIT FOR?

I believe you misread then. Tax Topic 605 is what you should check out.



From the IRS website:



Expenses that qualify are tuition and fees required for enrollment or attendance at an accredited college, university, vocational school, or other post閳ユ悞econdary educational institution that is eligible to participate in a student aid program administered by the Department of Education.



What exactly can you use the HOPE TAX CREDIT FOR?

I believe you mis-read something.



Typically you use it for tuition and fees for higher education.



Beware that Hope is for the first 2 years of college (or authorized trade school) then Lifetime learning kicks in.



Also there is a flat-out deduction of income on page 1 of the 1040 now which might work better for you.



What exactly can you use the HOPE TAX CREDIT FOR?

Whatever you were reading, read it again or go to irs.gov and check it out. Tuition, student-activity fees, course-related books, supplies and equipment are covered if they must be paid to the institution as a condition of enrollment or attendance. Room and board and transportation would not be covered.

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