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enrolls in a graduate teacher training program at a public university — tuition $3,500.
Using the Lifetime Learning Credit, her family’s income taxes are cut some $700. Or a married auto mechanic with family income of $32,000 goes back to school to take some computer courses to improve job skills. The tuition is $1,200 — the tax savings, $240.
Both tax credits are phased out for joint filers who have between $80,000 and $100,000 of adjusted gross income, and for single filers who have between $40,000 and $50,000 of adjusted gross income.
Taxpayers cannot claim both credits for the same student in one tax year, even if the student is a sophomore at the beginning of the tax year and a junior in the second half of the tax year. Families will be able to claim the Lifetime Learning tax credit for some members of their family and the Hope tax credit for others who qualify in the same year.
Qualified expenses covered by the tax credits are tuition and required fees, less any grants and scholarships that are received tax free. Room, board, books and supplies are not covered.
To take advantage of the Hope and Lifetime Learning tax credits, taxpayers must complete and submit IRS form 8863 with their federal tax return. For more information, call the IRS Help line at (800) 829-1040, read IRS publication 970 or visit the
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