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Hope Credit Georgia

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

Jerry's Pawn Shop
404-537-2798
21 Decatur St SE
Atlanta, GA
Instant Car Title Loans
770-458-1355
5368 Buford Hwy NE
Atlanta, GA
American Equity Mortgage
770-955-5700
200 Galleria Pkwy SE
Atlanta, GA
Federal Home Loan Mortgage Corp
770-850-8440
2300 Windy Ridge Pkwy SE
Atlanta, GA
Jackson Loan & Finance Co
404-696-7474
3024 Martin Luther King Jr DR SW
Atlanta, GA
Advance America
404-688-3470
56 Marietta St NW
Atlanta, GA
American General Finance
404-761-8222
3420 Norman Berry DR
Atlanta, GA
American Home Mortgage
404-256-1024
5605 Glenridge DR NE
Atlanta, GA
Allied Home Mortgage Capital Corporation
404-255-2714
4920 Roswell RD NE
Atlanta, GA
Title Loans
404-815-0027
1874 Piedmont Ave NE
Atlanta, GA

2 . Hope Credit

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

Jerry's Pawn Shop

404-537-2798
21 Decatur St SE
Atlanta, GA
http://www.jerryspawn.com
Read more about Hope Credit

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