It seems that the HOPE TAX CREDIT and the LIFE TIME CREDIT cannot be used for a lot of things, What exactly can you get credit for? I have read all of the things you cannot use it for:
tuition, books, supplies, room and board, transportation. So what is it good for? What is left to get credit for, because they covered everything that you would have to spend!
2006-09-05 04:55:51 · 3 answers · asked by noggle4 2 in Business & Finance ➔ Taxes ➔ United States
I believe you misread then. Tax Topic 605 is what you should check out.
From the IRS website:
Expenses that qualify are tuition and fees required for enrollment or attendance at an accredited college, university, vocational school, or other post–secondary educational institution that is eligible to participate in a student aid program administered by the Department of Education.
2006-09-05 05:12:15 · answer #1 · answered by sjoschko 3 · 0⤊ 0⤋
Whatever you were reading, read it again or go to irs.gov and check it out. Tuition, student-activity fees, course-related books, supplies and equipment are covered if they must be paid to the institution as a condition of enrollment or attendance. Room and board and transportation would not be covered.
2006-09-05 19:21:50 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I believe you mis-read something.
Typically you use it for tuition and fees for higher education.
Beware that Hope is for the first 2 years of college (or authorized trade school) then Lifetime learning kicks in.
Also there is a flat-out deduction of income on page 1 of the 1040 now which might work better for you.
2006-09-05 05:46:41 · answer #3 · answered by nova_queen_28 7 · 0⤊ 0⤋