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means to make that end more attordable,” said U.S. Education Secretary Richard W. Riley.
The two tax credits will benefit some 13 million families when fully implemented. Following are some guidelines on what the tax credits cover, who qualifies and IRS sources to contact for more information.
A Hope tax credit of up to $1,500 can be claimed for two years for each student in a family who is enrolled in higher education at least half-time at an eligible educational institution and who has not yet completed his or her first two years of study. The credit is 100 percent of the first $1,000 of payments for qualified tuition and rees, and 50 percent of the second $1,000. The goal of Hope is to make it possible for all Americans to afford the cost of the first two years of a college education.
In most states, the Hope credit will cover the cost of a community college education. There is no limit on the number of eligible students who can claim a Hope credit in a household in any given year.
Example: A married couple with an adjusted gross income of $60,000 with two children in college at least halftime — one a freshman at a community college with a tuition of $2,000, and the other a sophomore at a private college with tuition of $11,000. Using the Hope Scholarship tax credit, this couple can cut their taxes by $3,000.
The Lifetime Learning tax credit picks up where Hope leaves off — it,’s
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