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Hope Credit Florida

Qualified students or their parents can use the Hope Credit to offset more than a thousand dollars in education expenses.

1. Local Companies

2. Hope Credit

3. 2009 Stimulus Plan

4. Featured Local Company

1 . Local Companies

Bank Atlantic
(727) 530-4782
2650 Roosevelt Blvd.
Clearwater, FL

BB&T
(727) 532-9610
5801 Ulmerton Rd
Clearwater, FL

Encore Bank
2973WestBayDr
2973 West Bay Dr
Clearwater, FL

Northern Trust
(727) 587-1100
525 Indian Rocks Road
Clearwater, FL

Old Harbor Bank
(727) 835-2265
715 Indian Rocks Rd. N
Clearwater, FL

Regions Bank
(727) 524-7898
13501 Icot Blvd Suite 106
Clearwater, FL

SunTrust Bank of Tampa Bay
(727) 588-7500
380 N Indian Rocks Rd
Clearwater, FL

Wachovia Bank
(813) 538-4545
2515 W. Bay
Clearwater, FL

New England Financial
(727) 581-3100
710 First Ave. SW
Clearwater, FL

EZ Money Loan Services
904-779-1785
5553 Beach Blvd
Jacksonville, FL

Looking for a way to make paying for college a little bit easier? The Hope Credit may be able to provide the financial relief you're seeking-- parents or independent students can reduce their tax bills by up to $1,650 per year if they qualify. The advantage of the Hope Credit is that it allows you to take a very generous percentage of your expenses as a credit against your tax bill, but eligibility requirements are quite stringent.

Hope Credit in a Nutshell
Every dollar you claim with the Hope Credit offsets your tax bill by a dollar--as opposed to a tax deduction which merely reduces your taxable income. However, if the credit exceeds your tax liability you can't receive the excess as a refund--if you don't earn enough to pay taxes you can't take advantage of the Hope Credit.

How much credit?
To calculate the credit, take 100% of the first $1,100 of qualified education expenses paid per eligible student, and 50% of the next $1,100 (to a maximum of $1,650 per student in 2006). The Hope Credit is subject to phase-out at certain income limits and becomes completely unavailable when your Modified Adjusted Gross Income (MAGI) exceeds $55,000 ($110,000 for joint return filing).

Who is eligible for the Hope Credit?
If you are responsible for footing the college expense bill, you can claim the Hope Credit on your tax return if you, your spouse, or your dependent is in the first two years of college and has enrolled at least half-time at an eligible education institution. Children who are no longer dependents should claim any education credits their own tax return.
When filing for the credit note the following restrictions:

Married parents or married independent students must file their taxes jointly with
their spouses to claim the Hope Credit.

If you're a student listed as dependent on anyone else's tax return, you cannot file
for the Hope Credit individually; your parents must claim the credit on their own tax
return.

You can claim the Hope Credit or the Lifetime Learning Credit for an eligible student
in a tax year (not both). You cannot claim the credit for expenses you have deducted
elsewhere on your tax return, or for expenses that were paid by someone else (such as a
scholarship fund).

Felonies or drug convictions on the student's record will disqualify him/her from Hope
Credit eligibility.

What are these 'qualified education expenses'?
Qualified education expenses include tuition fees and other mandatory costs (for example registration and student-activity fees). Books, supplies, and equipment are not qualified education expenses unless required in order for the student to enroll in or attend the institution. Room and board, insurance, student health

3 . 2009 Stimulus Plan

Starting in the 2009 tax year, under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American Opportunity Credit, to pay for college expenses.

The American Opportunity Credit is not available on the 2008 returns taxpayers are filing during 2009. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits

Click here to read more from irs.gov

Click here for application form

4 . Featured Local Company

Bank Atlantic

(727) 530-4782
2650 Roosevelt Blvd.
Clearwater, FL

Read more about Hope Credit

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Hope Credit Florida

1 . Local Companies

2 . Hope Credit

3 . 2009 Stimulus Plan

4 . Featured Local Company