If your child is in the first grade or higher, or if the cost of schooling can be separated, you must divide the total cost between the cost of care and the cost of schooling. You can count only the cost of care in figuring your credit.
An eligible student can be you, your spouse, or an eligible dependent.
Both the Hope Credit and the Lifetime Learning Credit are nonrefundable credits. In other words. these credits only reduce your federal income tax liability. You don't get a refund if you don't owe any tax.
Q:
Can I claim the Child and Dependent Care Credit?
Return to index . . .
Q:
May I include my five-year-old son's parochial school kindergarten tuition cost as a qualified expense on IRS Form 2441, Child Care Expenses?
Return to index . . .
Q:
I am the custodial parent and pay child care expenses. Can I claim child care expenses in the years my ex-spouse takes the exemption?
Return to index . . .
Q:
If I send my child who was under the age of 13 to day camps instead of a childcare facility for the summer, are these deductible expenses?
Return to index . . .
Q:
A family member baby-sits my child full time in her own home while I work. Are either of us responsible for taxes on the money I pay? Can I deduct this money as my childcare expense, even though my family member is not a registered daycare provider?
Return to index . . .
Q:
Can a custodial parent claim the Child Tax Credit if the noncustodial parent claims the child as a dependent due to the divorce agreement?
Return to index . . .
Q:
What is a "Hope Credit?"
Return to index . . .
Q:
What do I need to save to claim the Hope Credit?
Return to index . . .
Q:
Am I eligible for the Hope Credit as I'm just entering my second year of my second bachelor's degree program?
Return to index . . .
Q:
What is a "Lifetime Learning Credit?"
Return to index . . .
Q:
I am a student who is claimed as a dependent on my parent's tax return. Can I take the Lifetime Learning Credit on my tax return?
More Legal News