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Thread: Hope Tax Credit

  1. #1
    Om. Avocado. MM's Avatar
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    Hope Tax Credit

    Okay, lots of college kids here. And it's tax time.

    I recently found out about the Hope Tax Credit; you can read about it here: http://www.ed.gov/offices/OPE/PPI/HOPE/index.html

    My friend told me that she filed last year and received the Hope credit. However, on the site it says that it's only for people who have not finished the first two years of school. Did she get lucky and the IRS didn't catch her, or am I misunderstanding the regulation?

    For anyone here in their first couple of years of school, read the link and then file for Hope. For anyone else, file for the Lifetime learning credit. I can't believe I had never heard about these.

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  2. #2
    SFW! drew's Avatar
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    I think you can take the hope credit regardless of what year you're in as long as you haven't taken it before. Not 100% on that though. Lifetime learning credit can be taken regardless of how many years you've been in school.

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  3. #3
    Banned ROMANMAN's Avatar
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    Can highschool kids do this stuff?

  4. #4
    Om. Avocado. MM's Avatar
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    Quote Originally Posted by ROMANMAN
    Can highschool kids do this stuff?
    No, and neither can Canadians.
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  5. #5
    Om. Avocado. MM's Avatar
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    Quote Originally Posted by drew
    I think you can take the hope credit regardless of what year you're in as long as you haven't taken it before. Not 100% on that though. Lifetime learning credit can be taken regardless of how many years you've been in school.
    Hm, that would be pimp.
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  6. #6
    Banned ROMANMAN's Avatar
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    Quote Originally Posted by MM
    No, and neither can Canadians.
    Ouch yo.
    Edit- Just realised you werent making fun of me.
    Last edited by ROMANMAN; 01-09-2006 at 04:28 PM.

  7. #7
    Om. Avocado. MM's Avatar
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    Come on dammit.
    Don't hate the player. Hate the game.


  8. #8
    Wannabe Rick James Genacide's Avatar
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    I believe that the credit can be claimed in any 2 years of college and other years claim the lifetime learning credit.
    "Those who would give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety." -- Benjamin Franklin

  9. #9
    Super Moderator RBB's Avatar
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    MM, you're not allowed to take the hope credit after the first two years of school. however, many of our clients take it for their children past the first two years as long as they haven't previously filed for it. the thing is, the IRS probably doesn't know and is not going to spend the time finding out what year of school you're in if you've never filed for the credit before. technically its not legal, but you should be able to slide by with it.


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  10. #10
    Om. Avocado. MM's Avatar
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    Quote Originally Posted by RBB
    MM, you're not allowed to take the hope credit after the first two years of school. however, many of our clients take it for their children past the first two years as long as they haven't previously filed for it. the thing is, the IRS probably doesn't know and is not going to spend the time finding out what year of school you're in if you've never filed for the credit before. technically its not legal, but you should be able to slide by with it.


    Unfortunately, I'm stupidly honest. Also, I'm rather sure I'd get caught. I probably won't file for it.
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  11. #11
    big pimpin biggimp's Avatar
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    it says 'less grant aid.' does that mean that if i have a full ride, im not eligable?
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  12. #12
    Super Moderator RBB's Avatar
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    Quote Originally Posted by biggimp
    it says 'less grant aid.' does that mean that if i have a full ride, im not eligable?
    right, no credit with a full ride.


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