Getting tuition money back from IRS???

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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 excited.......That will help me pay for all the classes I want to take next semester.......How freakin cool. Its really making the fact that I don't qualify for ANY grants a little more bearable.......yipEEEEEEEEE:D

Specializes in LTC, ER, ICU,.

thanks!

although i can't benefit from it personally, i will pass it on to others.

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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.

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Uh, excuse my stupidity, but what's EIC?

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Specializes in MS Home Health.

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

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Specializes in MS Home Health.

Mel D I don't know what EIC is either?

renerian

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Specializes in MS Home Health.

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

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Blech. I hate doing my taxes. I don't know if I can use an EZ this year since I bought a house.

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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.

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Specializes in MS Home Health.

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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