What are the chances of getting caught for this mistake?
2007-03-22 00:50:40 · 4 answers · asked by Nostalgic 2 in Business & Finance ➔ Taxes ➔ United States
The third time you claim the credit for the same student, it will be disallowed.
If you find that the Hope Credit in the third year is better for you than a previous year when you took the Hope Credit, you can amend the previous year, and take the Lifetime Learning Credit or Tuition and Fees Deduction instead. Then you will be able to use the Hope Credit in the current year.
2007-03-22 01:25:54 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
High but it'll take them a while, during which time interest is racking up at a greater rate than you could get by investing the money at the bank. Therefore, I suggest filing an amended return and paying the overpayment back as soon as possible.
2007-03-22 07:55:53 · answer #2 · answered by skip 6 · 2⤊ 0⤋
If you're asking what are the chances of getting caught, you aren't making a mistake, you're deliberately trying to file a false return. Would you go rob your local convenience store? I'd guess not. What's the difference between that and stealing from the government, thereby stealing from your fellow-citizens?
2007-03-22 07:57:41 · answer #3 · answered by Judy 7 · 2⤊ 1⤋
100%
You tell the IRS the students social security number each year you claim the Hope or Lifetime credit,, there is a reason they ask for that SS number,, don't try it,, will just cause you lots of trouble down the line.
2007-03-22 07:56:26 · answer #4 · answered by Jo Blo 6 · 1⤊ 1⤋