<shumaker[at]cs.fsu.edu> wrote:

- quote -

The Hope credit is only available for the Freshman and
Sophomore years. The Lifetime Credit, though less, doesn't
have this limit.

Mike Lewis, CPA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

If the Gordon Rule has improved grammar at Florida State
University, I'd hate to see what it's like without it. ;-)

You cannot take the Hope Credit just because you haven't
taken it twice before. Depending on when you started, it is
possible to be in your third year and get the Hope Credit.
However, you cannot have completed the first two years of
your course of studies.

The Lifetime Learning Credit should be available and can
reduce your tax liability by up to $2,000.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

shumaker[at]cs.fsu.edu posted:

- quote -

The rules for the Hope Credit are _very_ specific, and limit
it to the "first two years of postsecondary work" [with one
extremely narrow exception "for academic credit awarded on
the basis of performance on proficiency exam"] -- per Pub
17, page 229.

The Lifetime Learning Credit is wide open, and can be used
for _any_ qualified education expenses. That's the option
you should pursue -- but compare your taxes calculated with
the alternative "Tuition and Fees Deduction" ... and make
sure which one gives you the best result.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

If me nor my parents have ever taken hope credit before, can
I still take it even though I am beyond the first two eyars
of college? I.E. does it mean any two tax years?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >