What are the Hope credit and the Lifetime Learning credit?
The Hope credit and the Lifetime Learning credit are tax credits for taxpayers who pay certain higher education costs. These credits depend on the amount of qualified tuition and related expenses you paid in a given year, as well as the level of your modified adjusted gross income (MAGI). The credits are available for qualified education expenses that you, your spouse, or your dependent incur at an eligible educational institution. The IRS has provided specific guidance regarding the definitions of eligible educational institution and qualified expenses. To be eligible for a full Hope credit or Lifetime Learning credit, your MAGI in 2004 cannot exceed $42,000, $85,000 for married persons filing jointly. A partial credit is available if your MAGI falls between $42,000 and $52,000 ($85,000 and $105,000 for married persons filing jointly). These credits are not available to you if your filing status is married filing separately. The Hope credit is worth up to $1,500 per student for qualif
Related Questions
- How does financial aid and/or other tax-free educational assistance affect the amount of Hope credit or lifetime learning credit I can claim?
- Can a family claim the Hope Scholarship Credit and the Lifetime Learning Credit for the same individual?
- May a nonresident alien claim either the Hope or Lifetime Learning Credit?
