By: BANKMODE.com Staff
If you’re working toward and education or sending a dependent through college, you may be eligible for education related tax credits. In order to encourage those with lower incomes, especially, to get as much education as possible, the government has put into place several education credits that can reduce taxes quite significantly.
The Hope Scholarship is part of the Hope and Lifetime Learning Credit family. This scholarship is for students in their first two years of post-secondary school, whether they’re enrolled in four-year universities or certificate programs. This credit can be applied to tuition and related fees only, and can’t be used to cover housing or books. It’s a nonrefundable credit, but it can reduce the taxes of a student filing taxes independently or of parents upon whom the student is a dependent.
Lifetime Learning Credit
The Lifetime Learning tax credit is similar to the Hope Scholarship, but it’s available for students of any age and at pretty much any stage of schooling. This credit, too, is based on tuition...
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