Getting tuition money back from IRS??? - page 2

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Has any one ever taken advantage of the " Hope or Lifetime education credit" on thier taxes. I found out today I can get 100% of my first year tuition back this year on my taxes. OMG I am so... Read More

  1. by Angella Walker
    Jan 14, '03
    The only drawback is that if you recieve EIC then it reduces the amount of Hope Credit you get back. I personally would have qualified for the full amount, but because i got around 3800 in EIC (last years taxes), my Hope credit was only 4 dollars. Decided not to take it. I will use it when/if my financial situation changes.
  2. by PennyLane
    Jan 14, '03
    Uh, excuse my stupidity, but what's EIC?
  3. by renerian
    Jan 14, '03
    Can you do it on a 1040 or 1040 easy or do you have to take it on a schedule A on itemized deductions?

    renerian
  4. by renerian
    Jan 14, '03
    Mel D I don't know what EIC is either?

    renerian
  5. by renerian
    Jan 14, '03
    Don't think it will help us. We make over that as a family as hubby works two jobs and I work one full time to pay for five of us in college.

    renerian
  6. by PennyLane
    Jan 14, '03
    Blech. I hate doing my taxes. I don't know if I can use an EZ this year since I bought a house.
  7. by Cynthiann
    Jan 14, '03
    Originally posted by Mel D
    Uh, excuse my stupidity, but what's EIC?
    Earned Income Credit

    In general, the more dependents you have and less income the higher the credit. I got about $3500 last year of EIC, but it won't be as much this year since I worked for half of the year part time.
  8. by renerian
    Jan 14, '03
    LOL.................my income was to high as a full time waitress back in the 70s and 80s..........................(for EIC that is)

    no offense......

    renerian

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