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You need to file a 8863 tax form to claim either the Hope Learning Credit or the Lifetime Learning Credit. Though you can only claim one at a time, the form works for both the hope and lifetime learning credits.
Hope Credit
Line 1: Complete letters A through F for all the qualifying students you are claiming the credit for. If there are more than three students, you will have to attach another sheet of paper to list all the information for the others. The worksheet, column C, will include the total amount of qualifying expenses minus any adjustments. The maximum Hope Credit for 2009 is $2,500 per student and now has been extended to the first 4 years of college education.
Lifetime Learning Credit
Line 3: Fill out columns A through C for every student you want to claim the credit for. You will enter the total amount of qualifying expenses for each student. The maximum amount for the credit is $2,000 regardless of the total number of students because the Lifetime learning credit is 20% of all qualified expenses up to $10,000 each year. Expenses for the entire year, as well as expenses paid in January may be counted toward the total amount. The overall amount of the credit you get will be based on your income levels and tax owed.
