Frequently Asked Tax Questions And Answers
Keyword: Postsecondary Educational Institution
7.4 Child Care Credit/Other Credits : Hope & Life Time Learning Educational Credits
Are expenses to attend private high schools eligible for the education
credits ?
No. Expenses paid to attend high school do not qualify for the education
credits because a high school is not an eligible educational institution.
An eligible educational institution is any college, university, vocational
school, or other postsecondary educational institution eligible to participate
in a student aid program administered by the Department of Education. It includes
virtually all accredited, public, nonprofit, and proprietary (privately owned
profit making) postsecondary institutions.
References:
Many high school seniors are also enrolled in colleges for dual
academic credits. Are the fees paid to the college eligible for one of the
education tax credits?
Expenses paid for college courses taken while attending high school may
qualify for the Hope Scholarship Credit or for the Lifetime Learning Credit
if the student otherwise meets the qualifications for claiming either of the
credits.
References:
How do I know if my school is eligible to participate in the education
credits?
The educational institution should be able to tell you if it is an eligible
educational institution.
References:
Do I have to be enrolled in college to get the Hope education credit?
Yes. One qualification to claim the Hope credit is that the student be
enrolled in an eligible educational institution (in a program) at least half
time that leads to a degree certificate or other recognized educational credential
for no less than one academic period beginning in the taxable year.
References:
I understand for the Hope Credit I must be in my first 2 years of
college. Does that mean I can take the credit if I am ranked as a freshman
or a sophomore even if I have been attending college for more than 2 years?
The Hope Credit may be claimed for no more than 2 taxable years and may
not be claimed if at the beginning of the taxable year the student has completed
the first 2 years of postsecondary education at an eligible educational institution.
If the student has not claimed a Hope Credit for more than 1 year and if the
educational institution at which the student is enrolled ranks the student
as being less than a first-semester junior at the beginning of the year, the
student may be eligible to claim the Hope Credit.
References:
Is tuition paid to a foreign university eligible for the Hope Credit?
Relatively few postsecondary institutions located outside of the United
States participate in a student aid program administered by the Department
of Education. Therefore, tuition paid to a foreign university usually does
not qualify for either of the education credits. The educational institution
should be able to tell you if it is an eligible educational institution.
References:
I am currently attending school for a second bachelor's degree.
I completed my original degree several years ago. Am I eligible for the Hope
Credit because I am just entering my second year of this bachelor's degree
program?
No. Since you have already completed your first 2 years of postsecondary
education, the courses that you are now taking do not qualify for the Hope
Credit. However, you may be eligible for the Lifetime Learning Credit.
References:
I have returned to college after several years. I attend a community
college and have not received an associate's degree as of yet. Can I claim
the Hope Credit for tuition I paid this year?
You can only claim the Hope Credit if at the beginning of the year, you
are not classified as having completed the first 2 years of postsecondary
education.
For example, if you attended classes for only one or two semesters, you
would still be in your first 2 years of post secondary school. Generally if
you attended five or more semesters, you would not be considered in your first
2 years of post secondary school even if you have not attained your associate's
degree.
If you don't qualify for the Hope Credit, you may qualify for the Lifetime
Learning Credit.
References:
Can the Lifetime Learning Credit be used for a high school student
taking classes at an approved college prior to graduation from high school?
College courses taken while attending high school may qualify for the Hope
Scholarship Credit or for the Lifetime Learning Credit if the student meets
the qualifications for claiming either of the credits.
References:
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