The Federal Tax Credits Blog

Question: Hope credit or Education credit…..?

I graduated in 2008 with my masters degree and have a ton of student loans that I just started paying back in 2009. I make less than 80k per year and have never taken any educational credit on my taxes. Does anyone know if I am eligible to claim a tax credit ?

Answer: If you graduated in 2008 and haven’t been in school since, there are no education credits you can take on your 2009 tax return. You may, however, claim up to $2,500 in student loan interest as an adjustment to income.

Although there are no tax credits for you to take on your 2009 return, if you were a student, filed tax returns, and had some tax liability for 2006-2008, it is possible you would qualify for the lifetime learning credit for those years. The lifetime learning credit is a credit of up to $2,000 to reduce your tax liability. If you are eligible for this credit for past years, you may file Form 1040X to amend your original returns and claim the credit.

Please note that in order to receive a refund (or additional refund) you must file your amended return within three years of the original due date of the return. This means if you qualified for the lifetime learning credit for the 2006 tax year, you have until April 15 of this year to amend your return and claim the credit. After April 15, any additional refund will be forfeited.

Bold blows vs corruption, cautious steps vs poverty

BENIGNO Simeon ‘Noynoy’ C. Aquino III became the Philippines’ 15th president on June 30, 2010 or exactly 70 days ago, triggering a contagion of hopefulness among Filipinos. He wooed and won votes with a slogan that was simple, yet catchy: “Kung walang corrupt, walang mahirap.”

The American Opportunity Tax Credit

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