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HRB-09 Education Benefits question and answers rated A+2024/2025
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HRB-09 Education Benefits question and answers rated A+2024/2025
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HRB-09 Education BenefitsAmerican Opportunity Credit (AOC) - ANSCredit for qualifying schooling expenses available for
tax years 2009 and 2010. The AOC may be in part refundable.
Hope Credit - ANS• A nonrefundable credit of as much as $1,800 per qualified scholar for
TUITION and FEES paid for the FIRST TWO YEARS of submit-secondary schooling.
• Midwestern disaster location pupil, see Form 8863.
NOTE: For years 2009 and 2010, the Hope credit is changed with the aid of the American
Opportunity Credit (the Hope credit might also apply to Midwestern disaster students for 2009).
Lifetime Learning Credit - ANS• Nonrefundable credit score of 20% of the primary $10,000 of
qualified HIGHER EDUCATION training and costs paid throughout the year on behalf of the
taxpayer, his spouse, or his dependents.
• Midwestern catastrophe place pupil, see Form 8863.
Tuition and Fees Deduction - ANS• An adjustment to earnings for QUALIFIED TUITION and
route-related charges.
• Either $four,000, $2,000 or zero in keeping with tax go back, based on profits.
• Computed on Form 8917
AOC Taxpayer Qualifications (4): - ANS• The taxpayer can pay qualified education expenses of
HIGHER EDUCATION.
• The qualified training charges are paid for an ELIGIBLE STUDENT.
• The eligible student is the taxpayer, partner or established for whom the taxpayer honestly
claims an EXEMPTION.
• The taxpayer chooses NOT to assert the HOPE credit score for any scholar in 2009.
AOC Taxpayer Disqualifications (6): - ANS• Filing popularity is MFS
• Taxpayer is a DEPENDENT on any return.
• MAGI is above $90,000 ($one hundred eighty,000 for MFJ).
• Taxpayer became a NONRESIDENT alien.
• Taxpayer claims the LIFETIME LEARNING CREDIT or the TUITION AND FEES deduction for
the equal scholar in 2009.
• Taxpayer claims the HOPE CREDIT for any student in 2009.
AOC Qualified Education Expenses (2) - ANS• Tuition and sure associated charges required for
enrollment or attendance at an eligible educational organization.
• Books, Supplies and equipment wanted for direction of study, no matter wherein purchased.
AOC Eligible Educational Institution - ANSCollege, University, Vocational school, Other
postsecondary instructional organization.
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