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Hope Tax Credit



LynnH
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Submitted by LynnH on April 13, 2007 - 1:01pm.

Does anyone have any experience in this tax credit.

I'm using Turbo Tax right now and the 1098-T we received from my sons college is confusing me just a bit.

When you enter your information from your W-2's, Turbo Tax goes step by step through all the boxes that are on your W-2. But with the 1098-T, they don't. The only boxes they allow for entering any help you received is for grants/ scholarships, student loans. I need a third party payment box and they don't have one. Argh!

Think I'm just tired of taxes right now. Mine are almost done, except for this college tuition part. It seems Turbo Tax wants us to use the Hope Tax Credit which is a certain percentage, but another thing available is a lifetime credit which is $2000 I believe, every year for life. So far, my understanding is you can only do one way. No switching from tax year to tax year. And if I am correct, the Hope Tax Credit is for 2 years only, but not sure, will have to look that up.

Once I figure this all out, I'll post more info on what I have learned.

I am definitely a beginner when it comes to college tuition and taxes. If anyone has any experience with this I'd appreciate the replies. If not, I'll be back with what I learn.

I am happy with Turbo Tax though, because I can go back and add information I don't have on hand, or change something I might have done wrong.

Lynn

‹ On-Line e-file Return 8453-OL This might be a silly question..... ›


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smartmom
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Re: Hope Tax Credit
April 13, 2007 - 2:06pm

LynnH I'm sure you already read these from the IRS web site but here is what I found for you:

Topic 605 - Education Credits

Hope Credit

Notice 97-60 Lifetime Learning Credit

Good luck girl - passing you some aspirin

On the turbo tax note - LOVE IT - it even helped in walking us thru mountains of paperwork for those who have mountains of construction bills due to hurricanes.  I tell everyone it's the tax program for even dumb blondes (no offence to the blonds out there).

>>>>>>>>>>>^..^<<<<<<<<<<
Life is to short for drama and petty things...
 

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LynnH
I'm Trusted Premium Member!Awesome Member!I'm a Premium MemberI donated a LOT more than you!I donated more than you!Job Well Done!!Looked at and admired by many!Mystery BadgeSomeone ELSE paid $1 to put this badge on me!Certified Member Helper
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Last Seen: 08/24/2008 - 3:50pm

I am: The walrus koo koo kachoo

Re: Hope Tax Credit
April 13, 2007 - 3:01pm

 Thank you smartmom.  Haven't had a chance to get there yet and you just made my day with the links.  Thank you!

Watching grandbaby right now, just laid her down to sleep, she was a welcome break from my activities.

I'm going to tackle this tomorrow.

Lynn 

 

If I was standing on a fish, I'd slip and fall......



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