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

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yep, i've done this for the past two years....it's WONDERFUL!!

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Specializes in Child/Adolescent Mental Health.

I've never heard of that one. What are the qualifications? There always seems to be something that stops me and hubby from getting any kind of break in taxes. I'll have to check this one out.

mona b

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You can only take it for 2 years though, correct? Maybe they have changed it. But, that is minus your grants and loans...whatever you pay out of pocket (not books or fees). I get all of my schooling paid for between loans/grants, so it kind of sucks for me.

Kristy

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Specializes in Trauma,ER,CCU/OHU/Nsg Ed/Nsg Research.

Yes, go to the IRS website and D/L the PDF for form 8863. You can't file Married Filing Separately, though, and your adjusted gross income can't be more than $102,000 if filing jointly. Good Luck!

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I wish that was for me but I'm a loan person as well. bummer

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Rhona1,

If you are within your first two years of college, you can take the Hope Credit. If you have been in school longer, you can take the lifetime education grant.

If you get grants, you can't use it, but you can if you have student loans, because that is how I've been getting through school.

Kris

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2banurse

Thank you so much for that info.I am going to apply this year. It is so hard financially. I don't know about you but it seems like we are getting deeper and deeper into debt. Sometimes I wonder if we will ever get out. this will sure help.I plan on checking into it right away!

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Wow--is this for real? I'm printing off the forms now...

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What a blessing! Thanks for the info. Can definately use the extra $$!

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My dad got me the forms today........I am so freakin excited. It also says that the refund includes money paid in the first 3 months of 2003. That means I get back what I paid for this semester........YIPPEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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I saw that too Hidi! I printed off two forms, one for me and one for my roommate. I really hope I can get that $1,000! :roll

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