What are the Hope and Lifetime Tax Credits?

Here is an overview of the Hope and Lifetime Tax Credits. Please contact the IRS or a qualified tax advisor for specific information about your eligibility. The Hope and Lifetime Tax Credit are tax credits, not scholarships. Tax credits are subtracted from the taxes owed. You must file a federal tax return and owe taxes to get this credit. The amount of the tax credit depends on your adjusted gross income, amount you pay for qualified tuition, and related expenses paid for each eligible student.

To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be claimed by the parent or the student , but not by both. However, if the student was claimed as a dependent by the parent, the student cannot claim the credit. Credits are not available for you if your adjusted gross income is over $55,000 or more ($110,000 for married filing jointly).

These tax credits are based on specific Internal Revenue Service (IRS) Tax Code information. Colleges cannot legally give you tax advice. Therefore, families are encouraged to follow IRS tax reporting instructions or contact a qualified tax advisor for details about the Hope and Lifetime Learning Tax Credits.

Visit the IRS web site to learn more about the Hope and Lifetime Tax Credits.

Hope Tax Credit	Lifetime Learning Tax Credit
Up to $1,650 credit per eligible student.	Maximum lifetime learning credit is $2,000
Available only until the first 2 year of postsecondary education are completed.	Available for all years of postsecondary education and for courses to acquire or improve job skills.
Available only for 2 years per eligible student.	Available for an unlimited number of years.
Student must be pursuing an undergraduate degree or other recognized educational credential.	Student does not need to be pursuing a degree or other recognized education credential.
Student must be enrolled at least half time for at least one academic period beginning in 2006.	Available for one or more courses.
Credit was not claimed for that student's expenses in more than one prior tax year.	Felony drug conviction rule does not apply.
Enrolled in a program that leads to a degree, certificate or other recognized educational credential
No felony drug conviction for possessing or distributing a controlled substance.

If you disagree with the amounts listed on your 1098T, print a copy of your account summery for the year 2010 which is available online using your Bobcat Web Account and contact the COCC's Admissions and Records Office at 541-383-7500.