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Tax Credit Consulting: Education Credits Lahaina HI

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.

Hutchinson Paul M
(808) 244-7902
24 Market St
Lahaina, HI
 
H & R Block
(808) 935-2799
910 Honoapiilani Hwy Ste 11
Lahaina, HI
 
James & Associates Cpas Inc
(808) 667-9512
505 Front St Ste 222
Lahaina, HI
 
Cheatham Jon B Cpa Llc
(808) 249-2720
2200 Main St Ste 504
Wailuku, HI
 
Jmp Svc Inc
(808) 270-2710
811 Kolu St Ste 103
Wailuku, HI

Data Provided by:
Shue C Douglas
(808) 661-3231
425 Ilikahi St
Lahaina, HI
 
Burstyn & Associates Business Consultants Inc
(808) 661-3961
991 Limahana Pl Ste H4
Lahaina, HI
 
Comte John M
(808) 244-8128
776 Analio St
Wailuku, HI
 
Beck Robert Tax And Bookkeeping Service Inc
(808) 242-1553
2070 W Vineyard St
Wailuku, HI
 
Courter Boeckmann & Associates LLC
(808) 871-1880
220 Lalo St Ste 201
Kahului, HI
 
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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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