| The Internal Revenue Service offers help to | | | | There is an expanded definition of qualified education |
| taxpayers paying for tuitions. One of these ways is | | | | expenses for Gulf Opportunity Zone students. See |
| the Hope Credit. You are allowed to take a credit of | | | | you tax preparer if this applies to you. |
| up to $1,650 per eligible student. The credit is available | | | | Expenses that do not qualify are costs of insurance, |
| only until the first two years of post education are | | | | medical expenses, student health fees, room and |
| completed and is only available for two years per | | | | board, transportation or similar personal, living or family |
| eligible student. The student must be enrolled in an | | | | expenses. Also not generally included are expenses |
| undergraduate degree program or other recognized | | | | that relate to any classes or other education that |
| education program and must be enrolled at least half | | | | involves sports, games or hobbies or any non-credited |
| time for at least one academic period beginning during | | | | course unless it is part of the student's degree |
| the year. Also the student can not have any felony | | | | program. |
| drug conviction on their record. | | | | You cannot claim this credit if your filing status is |
| You are eligible for the credit if you pay the qualified | | | | married filing separately, you are listed as a dependent |
| education expenses of higher education, you pay the | | | | on another's tax return, your modified adjusted gross |
| education expenses for an eligible student and the | | | | income is $55,000 or more or if married filing jointly |
| eligible student is either yourself, your spouse or a | | | | your modified adjusted gross income is $110,00 or |
| dependent for whom you are eligible to claim as an | | | | more, you or your spouse were a nonresident alien for |
| exemption on your tax return. | | | | any part of the filing year and the nonresident alien did |
| Eligible expenses include tuition, and certain related | | | | not elect to be treated as a resident alien for tax |
| expenses such as student-activity fees, expenses for | | | | purposes and if you have claimed the lifetime learning |
| course related books, supplies and equipment only if | | | | credit or a tuition and fees deduction for the same |
| the fees and expenses are paid to the institution as a | | | | student in 2006. |
| condition of enrollment. | | | | |