<p>[I’m reposting this here on the suggestion of a regular CC contributor:]</p>
<p>I know I can’t take both Hope Credit and Tuition Expense deduction for the SAME college student. But can I take the $4,000 Tuition Expense deduction for D#1 who’s a Junior and also take the $1,650 Hope Credit for D#2 who’s a Freshman?</p>
<p>I believe you can. </p>
<p>The publication is IRS970 and explains it (lengthily and somewhat confusingly being a tax publication :rolleyes: )</p>
<p><a href=“http://www.irs.gov/pub/irs-pdf/p970.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/p970.pdf</a></p>
<p>tuition and fees deduction rules are pages 32to37</p>
<p>Hope credits rules are on pages 8-15</p>
<p>From page 8</p>
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<p>Might the lifetime learning credits be a better credit to take for your older daughter? The tuition and fees deduction reduces the taxable income by a max of $4000 - the lifetime learning credit reduces the tax liability by up to $2000 - run both scenarios and see which saves you more.</p>
<p>hope and lifetime credit forms <a href=“http://www.irs.gov/pub/irs-pdf/f8863.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/f8863.pdf</a></p>
<p>tuition and fees forms <a href=“http://www.irs.gov/pub/irs-pdf/f8917.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/f8917.pdf</a></p>
<p>swimcatsmom - Thank you. I’ll dig through that Pub970. </p>
<p>Regards your question, I’ll have to run the numbers. In past years the Tuition Assistance deduction has worked out better. But this year the Income Phase-out is a little higher and our income is a little lower. So yes, the Lifetime Learning credit may be better this time through!</p>
<p>Wait, what if you’re a dual-enrolled student? (A high school senior?)</p>
<p>Don’t think so. I think you have to be a degree candidate and at least half time and, a high school student, I don’t think would qualify. (double check with a tax expert which I am not).</p>
<p>For hope tax credit one of the eligibility questions is:
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<p>For the tuition credit:
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