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Hope Tax Credit
I am a graduate student enrolled in a 'two' year program. Each trimester most students take two classes, while I only take one. Most students take 6 classes in the 3 trimesters, and I will take 3 classes, possibly one in the summer. Am I considered half time? I pay everything with student loans, I haven't begun paying on the loans, but for the 2009-2010 school year I took out $8500 in loans. Can I get the Hope Tax Credit for my 2009 income taxes?
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The HOPE Credit is for students who are freshman or sophomores, so, as a graduate student, you are NOT eligible.
I suspect that you DO qualify for half-time, but your university can tell you for sure. You ARE eligible for either a tuition deduction or the Lifetime Learning Credit. However, to claim either the deduction OR te credit, you MUST have taxable income in excess of about $10,000, because the Lifetime Learning Credit is NOT refundable, meaning that for the credit to apply, you must have a tax liability. No earned income means NO tax liability. |
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