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The Federal Government allows for tax credits for higher education, which can be a substantial help to many families. Tax credits are the amount you are allowed to subtract from what you are required to pay the IRS, after all the deductions are computed. It is applicable for the student or his or her family, if they pay [url=http://www.ktbruce.co.uk/barbourjackets.php]barbour.co.uk[/url] for the higher [url=http://www.par5club.com/louboutin.php]louboutin pas cher[/url] education.
There are [url=http://www.ktbruce.co.uk/hollisteroutlet.php]hollister outlet[/url] two different tax credits; the American Opportunity tax credit and the Lifetime Learning credit. Families are not allowed to claim more then one credit for the same student any one year.
American Opportunity Tax Credit
The American Opportunity tax credit replaces the Hope credit for 2011 and 2012. The big difference between Hope and this credit is that families who owe little in tax, or no tax at all, may get a refund as a result of this credit.
Who can apply for this Tax credit?
- The student must have had at least half of the required courses to be considered a full time student, during at least one period of studies in the year.
- Student has to be enrolled [url=http://www.thehygienerevolution.com/hollister.php]hollister france[/url] in studies [url=http://www.thehygienerevolution.com/hollister.php]hollister[/url] that will lead to a degree, certificate or other education credentials.
- Student (or his [url=http://cgi.ebay.com.au/ws/eBayISAPI.dll?ViewItem&item=110854464629]abercrombie soldes Useful Dog[/url] family) has not used the credit for at least 4 years, including the "Hope" credit.
- The student has not completed 4 years of higher education yet.
- The student has not been convicted of a felony relating to substance abuse.
- The student (or his family) has not earned more than $80,000 in gross adjusted income, for a single, or $160,000 for a married couple filing jointly.
Eligible Educational institutions:
- Colleges
- Universities
- Post secondary vocational schools
- Other post-secondary educational institutions
Eligible expenses:
- Tuition and fees required for enrollment in courses
- Courses taken during the year.
- Courses to be taken 3 months after the close of the year.
- Books, supplies and equipment required for the studies. It doesn't matter if the money was paid to the educational institution or not.
Ineligible Expenses:
- Housing, meals
- Incidentals
- Transportation
- Medical expenses
- Insurance
- Unless it is part of the degree requirement - hobbies, games, sports and non-credit courses are not eligible.
Amount of Tax credit:
- 100% of the first [url=http://www.davidhabchy.com]barbour sale[/url] $2,000
- 25% of the next $2,000
- For a maximum credit of $2,500 based on $4,000 in qualifying expenses.
- This credit is 40% refundable so even those who owe no tax can get up to $1,000 of the credit for each eligible student as cash back.
Lifetime Learning Credit
The difference between this credit and the American Opportunity credit is that it can be taken once on every return, and there is no limit to the number of years you can claim this credit, up to a maximum of $10,000 in total expenses for an eligible student. The credit is equal to 20% of the expenses, which is again $2,000. This credit is not based on the workload of the student. One course or more are enough to claim the credit and it is not limited to the first 4 years of study. Post graduate and courses to improve job skills are eligible.
Same rules apply to the students and the institutions as the American Opportunity credit.
Eligible Expenses
- Tuition and fees [url=http://www.rtnagel.com/louboutin.php]louboutin[/url] required for enrollment.
- Courses must be taken during the tax year or 3 months after the close [url=http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=390331089734&ssPageName=STRK:MESE:IT]abercrombie milano Bin Laden [/url] of the tax year.
- Student activity fees.
- Expenses for course related books, supplies and equipment must be paid to the school as a condition of enrollment.
- Cost of courses that are not part [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] of a degree or certificate program. Adults [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] who take courses to strengthen their job skills are eligible to claim the credit.
Married couples who file separate returns are not eligible for any of those credits. If you are filing as a single or head of household, credits start phasing out at $50,000 of income and eliminated at $60,000. For married couples [url=http://cgi.www5a.biglobe.ne.jp/~ami2000/cgi-bin/petit.cgi]barbour online shop A Simple [/url] filing jointly the credits start phasing out at $100,000.
Education Credits Can Drastically Lower Your Tax BurdenArticle Summary: The Federal Government allows for tax credits for higher education, which can be a substantial help to many families Tax credits are the amount you are allowed to subtract from what you are required to pay the IRS, after all the deductions are computed
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