Monday, March 15, 2010

New Tuition Tax Credit

Don't forget to claim the new tax credit for tuition and other expenses. This new one replaces the Hope credit and was part of the stimulus package.

It is in effect for 2009 and 2010.

How much? You can deduct up to $2,500 in tuition and other expenses.

Who qualifies? Single taxpayers with incomes of $80,000 and married up to $160,000.

If you are not claimed on your parent's return, you also qualify. This means working adults who are going back to school.

What is covered? Tuition, textbooks, fees, and even course materials.

The Hope credit only covered the first two years. This credit is available to third and fourth years students as well.

>>More college money help.

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