Education Credits
You have indicated an interest in claiming credits to pay income tax for education expenses you paid and incurred this year.
Lifetime Learning Credit
The Lifetime Learning credit is a nonrefundable income tax credit of a portion of the qualified tuition and related expenses paid during the taxable year by the taxpayer for education furnished to certain individuals, including post graduate course work and courses to acquire or improve job skills. The Lifetime Learning credit is available for expenses paid after June 30, 1998, in taxable years ending after such date, for education furnished in academic periods beginning after such date, other than expenses with respect to which a HOPE credit is allowed. The Lifetime Learning credit may be claimed for an unlimited number of years.
HOPE Scholarship Credit
The HOPE Scholarship credit provides individual taxpayers with a credit for the cost of higher education tuition and related expenses. The HOPE credit is a nonrefundable tax credit up to $1,500 (subject to AGI phaseout and cost indexing after 2001) per student for qualified tuition and related expenses paid by the taxpayer for certain individuals enrolled for the first two years of a post secondary degree or certificate program at an eligible educational institution on at least a half-time basis. The HOPE credit is available for expenses paid after December 31, 1997, in taxable years ending after such date, for education furnished in academic periods beginning after such date.
Dependent Care & Education Credit Organizer
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