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Xalina
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Posted: 17 Jan 2010 at 13:53 \| IP Logged

This is one of those so silly but so hard to remember things.

Can a parent claim both Hope and lifetime credits for a single child? The book says the Lifetime learning credit does not vary based on how many students are in the family.(meaning one per family) So if there is only one student who getting his undergrad, can the parents get both hope and Lifetime credit?

Thanks!

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EAK5455
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Posted: 17 Jan 2010 at 14:56 \| IP Logged

The hope credit is claimed on a per student basis. The Lifetime Learning credit is claimed on a per taxpayer basis. The parent has the choice
of claiming either the hope or the LLT but not both, although the hope will always be much more favorable.

If on the other hand, the parent also went to school during the year, he could claim the LLT for his expenses and could also claim the hope for
his child.

Xalina
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Posted: 17 Jan 2010 at 16:17 \| IP Logged

Thanks!

__________________
Becker all the way!
FAR- 10/09/09-88
AUD- 11/24/09-91
REG- 01/22/2010- 94
BEC- 03/01/2010-90
I came, I saw, I calculated!

Holly
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Posted: 18 Jan 2010 at 12:40 \| IP Logged

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.

EAK5455
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Posted: 18 Jan 2010 at 12:58 \| IP Logged

Traditionally, if a student paid more than $9,000 in qualifying expenses, then the LL credit is optimal. However, for the 2009 tax
year, the American Opportunity credit (basically a revamp of the hope credit) allows a max credit of $2,500 per student making it more
beneficial in most circumstances, save students attending school in a Midwestern disaster area, which get a max LLC of $4,000.

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