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If I put money aside in a college savings plan for my two children, is that money eligible for either the Hope or Lifetime Learning Credit?

April 26, 2017aside children College Savings credit eligible Hope learning lifetime money Plan

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If I put money aside in a college savings plan for my two children, is that money eligible for either the Hope or Lifetime Learning Credit?

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No, an education credit is claimed in the year in which the expenses are paid, not in the year in which money is set aside in a college savings plan. You may want to consider setting up an Educational IRA. For more information, refer to Publication 970, Tax Benefits for Higher Education.