Tax Credit Information
Hope and Lifetime Learning Credits
For 2007, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $47,000 and $57,000 ($94,000 and $114,000 if you file a joint return). You cannot claim an education credit if your MAGI is $57,000 or more ($114,000 or more if you file a joint return).
For more information, see chapters 2 and 3 in Publication 970, Tax Benefits for Education.
Beginning in 2008, the following changes apply to the Hope and lifetime learning (education) credits.
Income limits for credit reduction increased. For 2008, the amount of your Hope or lifetime learning credit is phased out (gradually reduced) if your modified adjusted gross income (MAGI) is between $48,000 and $58,000 ($96,000 and $116,000 if you file a joint return). You cannot claim an education credit if your MAGI is $58,000 or more ($116,000 or more if you file a joint return).
Hope credit. Beginning in 2008, the amount of the Hope credit (per eligible student) is the sum of:
- 100% of the first $1,200 of qualified education expenses you paid for the eligible student, and
- 50% of the next $1,200 of qualified education expenses you paid for that student.
The maximum amount of Hope credit you can claim in 2008 is $1,800 per student
REMEMBER, THIS IS NOT TAX ADVICE. IT IS OFFERED AS GENERAL
INFORMATION FOR STUDENTS AND THEIR FAMILIES.
PLEASE SEEK ADVICE FROM QUALIFIED TAX EXPERTS TO DETERMINE
IF YOU QUALIFY FOR THESE TAX CREDITS.
Further information is available from:
Internal Revenue Service at http://www.irs.gov/publications/p970/index.html or 1-800-829-1040
Click here to view (Adobe Acrobat reader required) and/or download the Hope Scholarship/Lifetime Learning Credit form that you will need to turn in to the Business Office so that we may track your payment information. Georgetown College will send you a form 1098-T after the calendar year is finished. Along with the 1098-T form, you will receive a statement of your student account for the tax year. These two documents will give you the information necessary to file for the Hope Scholarship/Lifetime Learning credits.
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