Nevermind. Just found the answer on page 12-7 of TTB.
No you cannot use both for the same student in the same year. *sigh*
No you cannot use both for the same student in the same year. *sigh*
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Last edited by Safire; 03-21-2006, 07:20 PM. -
If you have enough tuition, you can use the first $2,000 for the Hope Credit and then the remaining tuition can be used to exclude EE Bond interest. You cannot use the same expenses for both benefits, but you can get a credit and exclusion in the same year.
See the second bullet point under "Adjustments" at the top of the second column on Page 12-7 of TTB. It says you need to reduce the educational expense by any amount used to claim a credit. -
You are right.
In my case tuition was only $1111, so it won't help. But thanks for clearing that up for me, I might need to know that for future clients.Comment
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