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Holly
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Posted: 18 Jan 2010 at 14:11 \| IP Logged

Do you know how long the lifetime learning credit has been around for? I saw that the Hope has been around since 1998, but cant find that info for the LLC. Also, did they get rid of tuition and fees deduction? Do you know how many years tuition and fees deduction was around? I don't but was wondering

EAK5455
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Posted: 18 Jan 2010 at 22:29 \| IP Logged

I found the answer on the IRS website here: http://www.irs.gov/individuals/article/0,,id=96273,00.html.

The credit was first available for the 1998 tax year. The tuition and fees deduction is still valid for the 2009 tax year. I'm not sure about
the tuition and fees deduction's inception but IRS pub 970 might have the information.

AccountingNerd8
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Posted: 19 Jan 2010 at 08:56 \| IP Logged

If both the parent and child are in school, can the parent claim two Hope credits, since it's on a per student basis?

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AccountingNerd8
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Posted: 19 Jan 2010 at 11:22 \| IP Logged

Holly wrote:

i dont think the hope is always more favorable because the maximum hope is 1800 per student, while the maximum lifetime learning is 2,000 per return.

There are new rules for 2009: The hope credit is now $2500 and can be claimed for the first four years, not two. http://www.irs.gov/faqs/faq/0,,id=199791,00.html

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cpa0123
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Posted: 19 Jan 2010 at 17:46 \| IP Logged

AccountingNerd8 wrote:

If both the parent and child are in school, can the parent claim two Hope credits, since it's on a per student basis?

It can be claimed as Hope credit since it is applicable for expenses that are incurred on behalf of the taxpayer, spouse & dependents

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