| American Opportunity Credit (applies to each eligible student)* |
|
2009 |
2010 |
| Maximum Expenses Eligible : Maximum Credit |
100% of first $2,000, plus 25% of next $2,000 |
100% of first $2,000 plus 25% of next $2,000 |
| Maximum Credit |
$2,500 |
$2,500 |
| Refundable |
40% of credit (up to $1,000)*** |
40% of credit (up to $1,000)*** |
| Phaseout range(modified AGI)**
|
$80,000 - $90,000
($160,000 - $180,000 MFJ)
|
$80,000 - $90,000
($160,000 - $180,000 MFJ)
|
*Taxpayers can claim either the American Opportunity Credit or the Hope Credit for all
eligible students. They cannot claim the American Opportunity Credit for one or more students
and also claim the Hope credit for one or more students. It generally is advantageous to
claim the Hope credit only when one or more of the eligible students attended school located
in a Midwestern disaster area.
**MFS filers not eligible .
***The credit is not refundable if claimed by a student who is subject to the kiddie tax.
| Hope Credit (applies to each eligible student)* |
|
2009 |
2010**** |
| Maximum Expenses Eligible |
100% of first $1,200, plus 50% of next $1,200*** |
100% of first $1,200 plus 50% of next $1,200 |
| Maximum Credit |
$1,800 |
$1,800 |
| Phaseout range(modified AGI)** |
$50,000 - $60,000
($100,000 - $120,000 MFJ)
|
$50,000 - $60,000
($100,000 - $120,000 MFJ)
|
*Taxpayers can claim either the American Opportunity Credit or the Hope Credit for all eligible students. They cannot claim the American Opportunity Credit for one or more students and also claim the Hope credit for one or more students. It generally is advantageous to claim the Hope credit only when one or more of the eligible students attended school located in a Midwestern disaster area.
**MFS filers not eligible.
***For students attending an eligible educational institution in a Midwestern disaster area in 2009, the $1,200 amounts above are $2,400, and the maximum credit is $3,600.
****In 2010, it will always be advantageous to claim the American Opportunity Credit.
| Lifetime Learning Credit (applies to the family as a whole) |
|
2009 |
2010 |
| Maximum Expenses Eligible |
20% of first $10,000** |
20% of first $10,000** |
| Maximim Credit |
$2,000** |
$2,000** |
Phaseout range
(modified AGI)* |
$50,000 - $60,000
($100,000 - $120,000 MFJ) |
$50,000 - $60,000
($100,000 - $120,000 MFJ) |
*MFS filers not eligible.
**40% of the first $10,000, maximum $4,000 for students attending an eligible educational institution in a Midwestern disaster area.
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