Hope tax credit question

swimcatsmom
Mon, 19 Nov 2007 23:45:09 +0000

My son started at a 2 year school but dropped out with about about 40 credits. This fall (18months later) he went back (to the 2 year school). Can he claim the Hope Tax Credit for this year? We never claimed it when he was at school before. He has not completed 2 years so I think he can claim it this year.

He will still be considered a sophomore in the Spring semester as he is going half time. Will he be able to claim it for next year? The way I read the tax law is you can only claim it for 2 years and you cannot have completed 2 years of college. It does not seem to specify that the 2 years have to be the first calender year he went to school and the 2nd calender year - more that he cannot be junior standing.

I am not sure if I am ‘wishful thinking’ interpretting it that he is eligible. Sure would help him financially if he is. I had been thinking he would just claim the lifetime learning credit but that is only for 20% of the qualified expenses so the hope would be better if he is eligible.

I know this is a question for a tax expert but I was wondering if anyone has experience of this (probably CC is the wrong place to ask as not many here are at 2 year schools!)