The Hope Credit allows up to $1650 for 2007 or $1800 ($3600 if a student in a Midwestern disaster area) for 2008 of credit for a student enrolled at least half time for one academic period. This credit can only be claimed for the first 2 years of post-secondary education, and there are income restrictions that affect eligibility. Qualified Educational expenses must be incurred at a Qualified Educational Institution and must meet the following conditions: You pay qualified education expenses of higher education; You pay the education expenses for an eligible student; The eligible student is yourself, your spouse, or a dependent for whom you claim an exemption on your tax return. For the 2010 tax year, the Hope Credit is not available.
Our system automatically determines if the Hope credit can be applied, or if it would be in your best interest to claim the Lifetime Learning Credit or the Tuition and Fees deduction.