Hope and Lifetime Learning Credits

2007

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.

2008

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:

1. 100% of the first $1,200 of qualified education expenses you paid for the eligible student, and
2. 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

–25-JAN-2008

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.
Georgetown College
Business Office
400 East College Street
Georgetown, KY 40324

Introducing…

The Student Accounts Office is going GREEN!

In an attempt to reduce the amount of paper used by the College, all monthly statements will be sent to your GC-issued email address. As email is the official communication method between you and the Student Accounts Office, you will need to check your email account at least once a week to make sure your account is in good standing. Each student is responsible for his/her student account.

What if you use a different email address?

No problem! Simply log onto my.georgetowncollege.edu and click on “My Account” and then “Forward Student Mail” in the menu to the left. You may enter a different email address where you’d like to receive emails from the College.

“My parents take care of my student account”

In order for your parents to receive a copy of your E-BILL, log onto my.georgetowncollege.edu and click on “Finances” then “Statement Management” and then “Financial Statement Authorization.” Enroll your parents and they will receive an E-BILL at the same time you do.

And always remember…

You can view your current student account info on my.georgetowncollege.edu 24/7 under “Finances”. Use the “Account Statements” tab for billing statements showing everything that has been posted to your account for a specified time period. Use the “Course and Fee Statement” tab to look at your projected registration, charges and financial aid for an upcoming semester.

Name ______________________ Employee ID Number ___________________

Office________________________________________________

Date: From___________________ To _____________________

I certify that the above is a true record of hours worked.

I also understand that falsification of this time card is grounds for immediate dismissal.

Employee _________________________________________

Approved _________________________________________