Taxes Q & A- How is the amount of the Hope or

How is the amount of the Hope or Lifetime Learning Credit determined?

The amount of the credit is determined by the amount you pay for qualified tuition and related expenses paid for each eligible student and the amount of your Modified Adjusted Gross Income (MAGI).

References:

Publication 970,Tax Benefits for Education
Tax Topic 605,Education Credits
Form 8863 (PDF), Education Credits (Hope and Lifetime Learning Credits)

Source: www.irs.gov

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