Hope Tuition Tax Credit
Tax credits are subtracted from the tax you or your family owes. Hope Credits could reduce your federal taxes, either by creating a tax refund or by freeing up money to pay for college costs. Your family may claim a credit up to $1,650 for each eligible dependent, subject to a phase-out beginning at $110,000 of income for married taxpayers and $55,000 for single filers. You can get more information from a tax professional or the IRS.
You can obtain more information on Hope and other education related tax benefits prepared by the National Association of Financial Aid Administrators. An IRS document on tax benefits is also available.