Here is a brief overview of the Hope and Lifetime Learning Tax Credits:
HOPE CREDIT
You may be able to claim a Hope credit of up to $1,500 for qualified tuition and related expenses paid for each eligible student. The Hope credit may be limited by the amount of your income and the amount of your tax.
LIFETIME LEARNING CREDIT
You may be able to claim a lifetime learning credit of up to $1,000 for qualified tuition and related expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. The lifetime learning credit may be limited by the amount of your income and the amount of your tax.
For advice concerning these tax credits, please contact your tax consultant or another expert. Our staff cannot answer specific tax questions.