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CampusTaxes.com Q and A
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How much is the Hope Scholarship Credit and how do I qualify to get it?
For 2006 tax returns, the Hope Scholarship Credit is a maximum of $1,650 and is available only during the first two years you are a college student. The credit is 100% of the first $1,100 you spend on tuition and 50% of the second $1,100 you spend on tuition. You can’t count your costs of room and board, transportation, or books when calculating this credit. You must be at leat a half-time student in a degree or certificate program, and you can’t have been convicted of any felony drug offenses.
Can I claim the Hope credit on my tax return, or do my parents have to claim it?
If you have enough tax to be offset by the Hope credit, and if your parents are willing to waive claiming you as a dependent, you can claim the credit on your tax return. Sometimes this is more advantageous than taking the credit on the parent’s return.
I go to school out-of-state. Do I need to file a tax return for the state where I go to school?
Probably not. If you are a college student and are still claimed as a dependent on your parent’s tax return, and you go to school in a different state from where your parents live, you should use your parents’ address as your home address, and you probably won’t need to file a tax return in the state where you go to school.
More questions coming soon!
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