4 years of college = 5 years of education tax credit?

Paying for College
1

<p>Just want to confirm this. Student started college (with quarter system) in fall 2005 and graduated in spring 2009.</p>

<p>CY 2005 return – Hope credit for fall 2005 and winter 2006 tuition.
CY 2006 return – Hope credit for spring 2006, fall 2006 and winter 2007 tuition.
CY 2007 return – Lifetime learning credit for spring 2007, fall 2007, and winter 2008 tuition.
CY 2008 return – Lifetime learning credit for spring 2008, fall 2008 and winter 2009 tuition.
CY 2009 return – Lifetime learning credit for spring 2009 tuition.</p>

<p>So for 4 years of college, this student can get Education credits for 5 tax years (Hope credit for 2 years and Lifetime credit for 3 years.). Is that correct?</p>

<p>Similarly, students who attend same college from fall 2009 to spring 2013 can get American Opportunity credit for 4 calendar years and Lifetime credit for 1 year. Yes?</p>

2

<p>Lifetime learning credit is available for as long as you want it (and meet the criteria).</p>

<p>American Opportunity tax credit * *be a better deal than LLT, you should check. It is only available for the first 4 years of college. If a student had already taken 2 years of Hope they are only eligible for 2 years of AO.</p>

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<p>Currently AO is only approved for the 2009 and 2010 tax years. Hopefully it will be extended.</p>

<p>The Hope is currently only available for families claiming at least one student that attends an eligible educational institution in a Midwestern disaster area. It has a higher amount for such students ($3600) but is an either or situation if there is more than one student (can’t have one take Hope and one take AO)</p>