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Can I take the Hope credit for my college expenses?
You may be able to take a Hope credit of up to $1,800 a year for college expenses in your first two years of college. You can even take the credit for the college expenses of your spouse or your dependent. Your 2008 credit begins to be phased out if you are single with modified adjusted gross income of more than $48,000 ($96,000 if you file jointly.)
For 2009, the maximum credit stays the same, but it begins to be phased out when your modified adjusted gross income is over $50,000 ($100,000 if you file jointly.)
You can’t take the Hope credit if your parents claim you as a dependent on their return. And of course you can’t use the same expenses to calculate tax-free withdrawals from a Coverdell education savings account (ESA) or qualified tuition plan (QTP). For more information see IRS Publication 970, Tax Benefits for Higher Education on the IRS Web site.Return to Questions
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