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Tax Credit Consulting: Education Credits Peoria AZ

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. Jeffrey D. Carter (RFC®), CSA, LUTCF
(623) 933-9500
10451 W. Palmeras Drive
Sun City, AZ
Company
Smart Financial Strategies, Inc.
Qualifications
Years of Experience: 22
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
8940 W Bell Rd # 102
Peoria, AZ

Data Provided by:
Liberty Tax Service
(623) 792-1140
8940 W. Bell Rd. Ste B102
Peoria, AZ
 
Sun City Home Tax Svc
(623) 974-6036
14656 N Del Webb Blvd
Sun City, AZ

Data Provided by:
Beck Tax Works
(623) 566-2213
8247 W. Cielo Grande Ave
Peoria, AZ
 
H&R Block
(623) 334-9866
7549 W CACTUS rd STE 110
PEORIA, AZ

Data Provided by:
Liberty Tax Service
(866) 871-1040
8411 W Thunderbird Rd
Peoria, AZ

Data Provided by:
H&R Block
(623) 825-2871
20255 N LAKE PLEASANT hwy
PEORIA, AZ

Data Provided by:
H&R Block
(623) 933-6912
10753 GRAND Ave
SUN CITY, AZ

Data Provided by:
H&R Block
(623) 451-0671
28455 N VISTANCIA BLVD
PEORIA, AZ

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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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