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New Hope Credit - 4 Years

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    New Hope Credit - 4 Years

    I had heard that the Hope Credit has been extended to 4 years. What happens if you've used the Hope Credit for 2 years and the Lifetime Learning for 1 year, can you use the Hope Credit for the 4th year?

    #2
    From TTB's Update page: Yes, new credit can be used for 4 yrs.

    TheTaxBook is the #1 fast-answer tax publication in America. Our publications provide fast answers to tax questions for tax practitioners!


    "New law – increase in credit amount. For tax year 2009 and 2010, the Hope Scholarship Credit is renamed the American Opportunity Tax Credit. The credit is 100% of the first $2,000 of qualified educational expenses, plus 25% of the next $2,000 of qualified expenses, for a maximum credit of $2,500 per student per year. The credit now applies to the first 4 years of post-secondary education (as opposed to the first 2 years under the old rules)."

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      #3
      Hmmm. Why don't I show that update. I do them all as they come out? Enquiring minds want to know.

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