Tuesday, September 11, 2007

Income Tax Breaks for Students

If you, your spouse, or your children attended college in 2000, you may be able to take advantage of the Hope Scholarship Credit or the Lifetime Learning Credit on your 2000 federal income taxes. Since these are tax credits, rather than deductions, they reduce your income tax dollar for dollar.

The Hope Scholarship Credit

The Hope Scholarship Credit provides a tax credit for 100% of the first $1,000 and 50% of the second $1,000 of qualified tuition and expenses of each eligible student in your family who is enrolled at least half time in either the first or second year of post secondary education. This could be you, your spouse, or any of your children you can claim as dependants. For married taxpayers with adjusted gross income from $80,000 to $100,000, or single taxpayers with adjusted gross income from $40,000 to $50,000, the amount of the credit you will be able to take is reduced. The credit is not available for married taxpayers with adjusted gross income above $100,000 or single taxpayers with adjusted gross income above

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