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How do you qualify for American Hope Credit?Generally, you can claim the Hope credit if all three of the following requirements are met:You pay qualified education expenses of higher education.You pay the education expenses for an eligible student.The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.You cannot take both an education credit and a deduction for tuition and fees (see Deductions, below) for the same student in the same year. In some cases, you may do better by claiming the tuition and fees deduction instead of the Hope credit.Education credits are claimed on Form 8863, Education Credits (Hope and Lifetime Learning Credits). For details on these and other education-related tax breaks, see IRS Publication 970, Tax Benefits of Education.
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The Hope Credit is a tax credit an American student can claim on federal income tax return for the costs of higher education. According to Internal Revenue Service rules, the Hope Credit is 40 percent refundable you can claim a refund of up to 40 percent of the value of the credit or up to $1,000.
Pay the educational expenses for the year that you claim the credit. Have the student enroll at least half-time in a bachelor's degree-granting program. Only students studying to get an undergraduate degree are eligible for the Hope Credit. File your taxes using any filing status except married filing separately. If you are married, but file separate returns, you are ineligible for the Hope Credit. Check that your adjusted gross income is below the annual limitations for the Hope Credit. Determine the amount of your Hope Credit.
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