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IRS Publication 970 provides for a Hope credit of up to $1,500 for the qualified tuition and related expenses paid for each eligible student. This credit may be claimed for only two taxable years for each eligible student.
The IRS Publication also sets out eligibility requirements for Hope credits. You can claim a Hope credit only for an eligible student who also meets the following requirements:
- Is enrolled in one of the first two years of post secondary education (generally, the freshman or sophomore years of college)
- Is enrolled in a program that leads to a degree, certificate, or other recognized educational credential
- Is taking at least one-half of the normal full-time work load for his or her course of study for at least one academic period beginning during the calendar year
- Is free of any felony conviction for possessing or distributing a controlled substance
The amount of the Hope credit is 100% of the first $1,000 plus 50% of the next $1,000 you pay for each eligible student’s qualified tuition and related expenses. The maximum amount of Hope credit you can claim in 1998 is $1,500 times the number of eligible students. This means you can claim the full $1,500 for each eligible student for whom you pay at least $2,000 for qualified expenses. However, the credit may be reduced based on your modified adjusted gross income.
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