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Tax Credit Consulting: Education Credits Morgantown WV

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.

Edwin Landis
60 West Street Suite 404
Annapolis, MD
Company
Title: Financial Consultant
Company: Landis Financial Services
Type
Investment Advisor Rep: Yes
Education
Michigan State University/ BA
Service
401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,Stock Market Alternative,Medicaid,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Ind

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Tax Tech
(304) 296-1040
990 Fairmont Rd Ste C
Morgantown, WV

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Liberty Tax Service
(866) 871-1040
911 Country Club Rd
Fairmont, WV

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H&R Block
(724) 966-9227
211 S VINE ST
CARMICHAELS, PA

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Liberty Tax Service
(866) 871-1040
103 N Pike St
Grafton, WV

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Liberty Tax Service
(866) 871-1040
827 Fairmont Rd
Morgantown, WV

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Liberty Tax Service
(866) 871-1040
735 Chestnut Ridge Rd
Morgantown, WV

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H&R Block
(304) 366-3728
32 TYGART VALLEY MALL
WHITE HALL, WV

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H&R Block
(724) 437-9230
1368 Mall Run Rd # 600
Uniontown, PA

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H&R Block
(304) 265-2662
12 BLUE Ave
GRAFTON, WV

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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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