Tax credit brings Hope to students looking for $2,500
Angela Cooper-McCorkle
Issue date: 2/26/10 Section: News
If you are dreading doing your taxes, don't lose Hope. A new, expanded Hope Credit, the American Opportunity Credit is giving students the opportunity to write off up to $2,500 of qualified tuition and related expenses for 2009 and 2010.
Students can find out their tuition totals for last year by logging on to the EvCC website to view their 1098T at www.everettcc.edu/1098t.
Students need not be full-time to claim the credit: at least one quarter as a half-time student qualifies you. In addition to the amount shown on the 1098T, this year, students may write off additional required course materials, such as textbooks and scientific calculators, whether they were purchased at EvCC or elsewhere.
There are some limitations on the credit. Single tax-filers with incomes higher than $80,000 or joint filers making more than $160,000 receive a reduced credit, and those earning more than $90,000 (single) or $180,000 (joint) are not eligible for the credit.
Additionally, if you received financial aid, or took a distribution from a college savings account, you should confirm your eligibility before trying to claim the credit. Finally, while a other college credits and deductions are available, including the Lifetime Learning credit, tuition and fees tax deduction, and the original Hope credit, students may only choose one credit to claim.
More information is available at the IRS website, www.irs.gov or, or by calling the IRS for free, live assistance at 1-800-829-1040.
Students can find out their tuition totals for last year by logging on to the EvCC website to view their 1098T at www.everettcc.edu/1098t.
Students need not be full-time to claim the credit: at least one quarter as a half-time student qualifies you. In addition to the amount shown on the 1098T, this year, students may write off additional required course materials, such as textbooks and scientific calculators, whether they were purchased at EvCC or elsewhere.
There are some limitations on the credit. Single tax-filers with incomes higher than $80,000 or joint filers making more than $160,000 receive a reduced credit, and those earning more than $90,000 (single) or $180,000 (joint) are not eligible for the credit.
Additionally, if you received financial aid, or took a distribution from a college savings account, you should confirm your eligibility before trying to claim the credit. Finally, while a other college credits and deductions are available, including the Lifetime Learning credit, tuition and fees tax deduction, and the original Hope credit, students may only choose one credit to claim.
More information is available at the IRS website, www.irs.gov or, or by calling the IRS for free, live assistance at 1-800-829-1040.
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