>I qualify for both credits but why would I go for the hope credit
> ($1500) when the lifetime learning credit offers $2000 and I will be
> eligible for the entire duration of my studies? It cant be that
> trivial..I feel like i'm missing something here
At the least you're missing that you can still take the LLC in later years
even if you take the Hope in your first two years. You just can't take both
for the same student in the same year.
The numbers you quote are the limits. If you qualify for both credits, at
$7500 in qualified expenses they are equal. Below that, the Hope gives you
the larger credit; above it's LLC.
See the calculation methods in Pub 970.
--
Phil Marti
Clarksburg, MD
Energy tax incentive credits available 1/1/06 ... What is the tax credit for existing homes? ...Sealing heating and cooling ducts, and air sealing of the exterior ... Energy Star windows will almost always qualify....High-efficiency water heaters, including heat pump water heaters: ... (alt.home.repair)
Re: Energy tax incentive credits available 1/1/06 ... For some measures, such as insulation, a taxpayer can take a credit of up to 10% of the cost. ... Energy Star windows will almost always qualify.... Purchasers of highly efficient heating, cooling, and water heating equipment can take tax credits of up to $300 for purchasing qualifying equipment, as detailed below. ...High-efficiency water heaters, including heat pump water heaters: ... (alt.home.repair)
Re: msrp for more efficient ac? ... burnt-out whole-house ac unit and have been getting several quotes.... get the tax credit); they just say "oh, ... Trane needing SEER 15 to qualify instead of 14? ... you actual cost information.... (alt.home.repair)
Re: Tax Rebate: Uh, Not Exactly ... "The checks are an advance on next year's refunds, and most, if not ... seems to say that it is a prepayment of a tax credit from 2008. ...qualify according to your 2007 tax forms, then you get the credit even ... (rec.sport.football.college)
Re: Minor eBay rant ... Learn more about requirements for the credit."... Why is it that whatever piece of code that produced this webpage with ... these instructions can figure out that the item does not qualify but ... doesn't explain *WHY* it does not qualify?... (rec.collecting.coins)
