Discuss the educational credits that are available to taxpayers. Include in your discussion the expenses that these credits will cover along with the eligibility of individuals taking these credits. Discuss how this credit is a nonrefundable credit and what this could mean to your refund or balance due on your tax return. A HOPE Scholarship credit applies for the first two years of post-secondary education of an undergraduate program. It can be worth up to $1,800, per student, per year. This amount doubles if the student is in a Midwestern disaster area. You are allowed a 100% credit of the first 1,200 of qualified tuition and related fees paid during the current tax year. The next 1.200 qualifies for an additional 50% credit. This amount also double if the student is in a Midwestern disaster area. Each student must be in enrolling at least half-time for a least one quarter/semester in the current tax year. And the student must not have any federal or state convictions related to possession or distribution of
This is the end of the preview. Sign up
access the rest of the document.