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Tax Credit Consulting: Education Credits Anchorage AK

Just about any expense that is required for your attendance is eligible for the credit. Room and board are not covered, nor is insurance or any type of expense for optional activities at school.

Mr. Micah Vincent Shilanski (RFC®), CFP, CSA
(907) 278-1351
431 W. 7th Avenue Suite 100
Anchorage, AK
Company
Shilanski & Associates, Inc.
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Years of Experience: 9
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IARFC
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Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Education Plan, Healthcare Accounts, BuySell

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H&R Block
(907) 561-5113
3555 ARTIC blvd C1 & C2
ANCHORAGE, AK

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H&R Block Inside Eastview Center
(907) 337-1040
5520 LAKE OTIS PKWY STE 102
ANCHORAGE, AK

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H&R Block
(907) 336-1477
9220 LAKE OTIS pkwy UNIT A-1
ANCHORAGE, AK

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H&R Block
(907) 222-2978
5800 WESTOVER
ELMENDORF AFB, AK

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WRConkey's Accounting Service
(907) 717-5233
200 W 34th # 852
Anchorage, AK
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H&R Block
(907) 646-9864
3101 PENLAND PARK STE H-2
ANCHORAGE, AK

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Liberty Tax Service
(866) 871-1040
2207 E Tudor Rd # 35
Anchorage, AK

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H&R Block
(907) 222-2637
1120 HUFFMAN rdSTE 23
ANCHORAGE, AK

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H&R Block
(907) 338-4848
7731 E NORTHERN LIGHTS BLVD
ANCHORAGE, AK

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Tax Credit Consulting: Education Credits

Education Credits

There are two basic education credits available. They are the Hope Credit and the Lifetime Learning Credit.

The two Education Credits are the Hope Credit and the Lifetime Learning Credit. They are paid on expenses that are incurred by you or your spouse or your dependents. Only one of the two Credits may be taken on any individual student in any given Tax year. The actual amount of the credit is determined by using your qualified tuition and related expenses and considering the limitations based on your adjusted gross income (AGI).

Just about any expense that is required for your attendance is eligible for the credit. Room and board are not covered, nor is insurance or any type of expense for optional activities at school. Things like books and student activity fees are acceptable as long as they are required as a condition of the program that is required. The Credits are normally claimed on Form 8863 which gives the instructions and the limitations for claiming the Education Credit.

The Hope Credit applies only to qualified students in the first two years of an undergraduate program or similar type of vocational school. Usually, if the school qualifies to offer Federal Student Aid programs, it will be qualified for purposes of the Hope Credit. The Credit may only be taken during those two years, and can not be combined with the Lifetime Learning Credit. The Lifetime Learning Credit can be taken any number of years, not only in certain ones like the Hope Credit. The only requirement is that the program is leading to a certain job goal, or is for advancement within an already existing job field.

The credits are subject to limitations. They are designed to give a tax break to lower income students and their families. The assumption is that higher income families will have made other investment decisions to finance educational expense and would not need the tax relief as much. Regardless of the fairness of this policy, the Lifetime Lear...

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