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Tax Credits

( Lifetime Learning continued )

Can A Family Claim Multiple Benefits?
A family may claim a Lifetime Learning credit, a Hope credit, and an exclusion from gross income for certain distributions from qualified State tuition programs or education IRAs as long as the same student is not used as the basis for each credit or exclusion AND the family does not exceed the Lifetime Learning maximum per family.


 The Hope Scholarship

The Hope Scholarship is actually a tax credit, not a scholarship. Tax credits are subtracted from the tax a family owes, rather than reducing taxable income like a tax deduction. A family must file a tax return and owe taxes to take advantage of it. The Hope credit is not refundable for families who do not pay taxes or who owe less in taxes than the maximum amount of the Hope tax credit for which the family is eligible. Click below to find out more...

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