Question:

What is an American Hope Credit

by Guest4539  |  8 years, 10 month(s) ago

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What is an American Hope Credit?

The Hope credit generally applies to 2008 and earlier tax years. It helps parents and students pay for post-secondary education. The Hope credit is a nonrefundable credit. This means that it can reduce your tax to zero, but if the credit is more than your tax the excess will not be refunded to you. The Hope credit you are allowed may be limited by the amount of your income and the amount of your tax.

The Hope credit is for the payment of the first two years of tuition and related expenses for an eligible student for whom the taxpayer claims an exemption on the tax return. Normally, you can claim tuition and required enrollment fees paid for your own, as well as your dependents’ college education. The Hope credit targets the first two years of post-secondary education, and an eligible student must be enrolled at least half time

 Tags: American, credit, hope

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  1. Guest5519

     The Hope Credit in the American Opportunity Credit offers families more options in receiving a dollar-for-dollar credit for qualified education costs. The intended goal of this college financial aid was to cover the majority of college money at4-year colleges or universities, and the whole cost of attending community colleges.

    A tax credit like the Hope American Credit reduces the tax liability for each dollar you spend on qualifying costs toward a college program in the USA. In most cases, taking advantage of a tax credit like this one will provide you with larger benefits than you would get with a tax deduction.

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