Tag Archives: Hope Credit

Tax Credit Helps Pay for Higher Education Expenses

The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit – which expanded the existing Hope credit – helps parents and students pay for college and college-related expenses. Here are the top nine things the Internal Revenue Service wants you to know about this […]

Six Facts About the American Opportunity Tax Credit

Courtesy of the IRS Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS wants you to know […]

Back-to-School Tax Breaks

WASHINGTON — In support of the Administration’s efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college. The new Tax Benefits for Education section on IRS.gov includes […]

Offset Education Costs

IRS TAX TIP 2009-30 Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for […]

Education Credits

Today TaxMama hears from Mike in the Tax Parlor says, ” I was just wondering how the Hope Credit works. I am a Graduate Student and was disappointed that my refund was low (about $200 compared to previous years when it had been $500), so I was going through looking for things I missed. I […]

Deducting Books

Today TaxMama hears from Granny in Georgia who asks. “I am preparing my granddaughter’s tax return. She is a married student and qualifies for the Hope credit. She received a 1098-T from the school. She has been told by others that in addition to this amount she can deduct the cost of her books and […]

Wasted Credit

Today TaxMama hears from Eddie in Tampa, Florida, who has this tale of woe. “For the first half of 2005, I was living off of my unemployment benefits, and then a VA stipend, which wasn’t taxable. From late May until end of August, I had work-study. From August until the present, I have lived entirely […]