Hope Credit
- Tax credit up to $1,600/year for each student.
- 100% tax credit for the first $1,100 paid for qualified expenses. 50% tax credit for the second $1,100.
- Parents or students may claim Hope Credit for two years. Student must be in first or second year and enrolled at least half time for one period of the tax year.
- Covers tuition and fees.
- Students qualify by paying tuition and fees for self (if independent) or a spouse. Parents qualify by paying tuition and fees for their dependent child or children.
- Grants and tax-free parts of scholarships will reduce the tuition and fees used to determine your credit.
- Eligibility decreases for modified adjusted gross incomes (AGIs) between $47,000 - $57,000 (filing single) and $94,000 - $114,000 (married, filing jointly). Cannot claim with modified AGIs above these limits.
- Students or parents benefit from tax credits only to the extent that federal income taxes are owed. If no taxes are owed, no tax credit is received.
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