Thursday, December 8, 2011

What is the limit in the number of eligible students who can claim for the educational credit in a tax year?

there are two kinds of education credit. the hope and lifetime learning credit. is there are limit in the number of students who can claim the hope credit in a tax year? please indicate the reference of your answers. thank you.|||To claim the Hope Credit you must have an eligible student. There is no limit to the number of eligible students a taxpayer can have for the Hope Credit.





IRS Pub 970 Tax Benefits for Education page 12.


http://www.irs.gov/pub/irs-pdf/p970.pdf





For the Lifetime Learning Credit, there is also no limit to the number of students, but there is a dollar limit of $10,000 of expenses per tax return.





Same publication as above, page 18.|||There isn't a limit in the number of students who can claim the Hope credit - if you are eligible, you can claim it. But there are more restrictions for the Hope than the Lifetime Learning credit - the Hope credit is only good for your first two years of post-secondary school.

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