Hi
I just got a Pell Grant for $4000. I also got what the college calls a Board of Governors Waiver(BOGW). So when i register for classes, i pay no registration costs(because of the BOGW). There are some costs i do pay like Student Associations fees, etc etc, which are about $40 - $50 per quarter and the cost of books.
However, i use the money for the PELL Grant to pay for the above expenses.
Am, i still eligible for the HOPE credit when i file my taxes even though i paid money that i got from the PELL Gran
2007-12-31 12:08:58 · 3 answers · asked by Aditya G 1 in Business & Finance ➔ Taxes ➔ United States
No, you can't take a Hope Credit for money you didn't pay, that was paid by grants. But sounds like you have a very good deal anyway. Good luck with your studies.
2007-12-31 12:13:21 · answer #1 · answered by Judy 7 · 4⤊ 0⤋
No. You cannot get the tax break because you paid for it with non-taxable money.
2007-12-31 16:20:53 · answer #2 · answered by kathi 2 · 0⤊ 0⤋
No double dipping. If you used expenses to make the Pell Grant non-taxable, you cannot use the same expenses for a hope credit.
Worse, I don't think the fees or books you paid are eligible exenses.
2007-12-31 12:31:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋