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Tax Credit Consulting: Education Credits Hattiesburg MS

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.

Burke, Jack F Jr CPA
(601) 264-1988
2010 Oak Grove Rd Bldg 3
Hattiesburg, MS

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Jackson Hewitt
(601) 268-3811
6111 US Hwy 98
Hattiesburg, MS

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Liberty Tax Service
(866) 871-1040
1000 Broadway Dr
Hattiesburg, MS

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H&R Block Inside Lynchburg Collection
(662) 781-3715
5842 GOODMAN RD
HORN LAKE, MS

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Hunter Tax Service
(601) 824-9494
202 Pearl St
Brandon, MS
 
Angie Newton Tax Service
(601) 336-6210
2242 Oak Grove Road
Hattiesburg, MS
 
Jackson Hewitt
(601) 268-3004
3801 W 4th Street
Hattiesburg, MS

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Holland's Tax Service
(601) 582-4349
424 Highway 42
Petal, MS

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American Speedy Tax
(601) 362-3324
2440 Bailey Ave
Jackson, MS
 
Jackson Hewitt
(662) 236-3656
1007 N. Lamar Blvd.
Oxford, MS

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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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