Education Credit

This is the Hope credit and the lifetime learning credit.

The Hope credit is a credit of up to $1,650 per student per year for each of the first two years of qualified post-secondary tuition and fees paid on behalf of yourself, your spouse, or your dependent.

The lifetime learning credit is a credit of up to $2,000 per tax return per year for post-secondary tuition and fees paid on behalf of yourself, your spouse, or your dependent. Unlike the Hope credit, the lifetime learning credit is not limited to education expenses of college freshmen and sophomores. It can be claimed for tuition and fees of any year of undergraduate, graduate, or professional study.

Neither credit is allowed if:

• You are married filing a separate return, or

• Someone is claiming you as a dependent, or

• Your adjusted gross income (after certain modifications) is over $57,000 ($114,000 if married filing a joint return).

To qualify for the education credits, the tuition or fees must be paid to an "eligible educational institution," which includes any accredited college, university, vocational school, or other accredited post-secondary educational institution eligible to participate in a student aid program administered by the Department of Education. This definition includes virtually all accredited post-secondary educational institutions.

You cannot claim both the Hope and lifetime learning credits in the same year for the same student. You also cannot claim the tuition deduction and either of these credits in the same year for the same student.