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Hope Credit North Carolina

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

Paragon Commercial Bank - Charlotte Office
(704) 644-4001
4725 Piedmont Row Drive
Charlotte, NC
CommunityOne Bank, N.A
(704) 658-9261
8231 Magnolia Estates Drive
Charlotte, NC
Reliable Loan & Jewelry
919-832-3461
307 S Wilmington St
Raleigh, NC
American General Finance
336-375-1335
2103 Pyramid Village Blvd
Greensboro, NC
Beneficial
(919) 490-5151
4711 Hope Valley Rd
Durham, NC
B & W Pawn Shop
336- 274-6910
1712 E Bessemer Ave
Greensboro, NC
Fidelity Acceptance
(919) 620-0464
1335 Hamlin RD
Durham, NC
American South Lending
336-547-9970
5500 Adams Farm Ln
Greensboro, NC
Arrow Pawn Jewelry Audio Check Cashing & Loan
919-821-0001
2421 Crabtree Blvd
Raleigh, NC
1st Choice Financial
919-873-9332
3901 Capital Blvd
Raleigh, NC

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

Paragon Commercial Bank - Charlotte Office

(704) 644-4001
4725 Piedmont Row Drive
Charlotte, NC
Read more about Hope Credit

Regional Articles
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Related Articles
- Federal PLUS Loan North Carolina
Sometimes scholarships, grants, and other student loans fall short of covering the entire cost of your education. Under the Federal PLUS program, your parents can take out a loan on your behalf or if you are a graduate or professional student, you can also apply for PLUS Loan funding.
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