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The Lifetime Learning Tax Credit is available for those who have been in college for more than two years. It cannot be claimed for anyone who is married filing separately. If you are single, your adjusted gross income cannot be more than $58,000 to claim the credit. It must be less than $48,000 to get the full credit. If you are married, your adjusted gross income cannot be more than $116,000. If your income is between $48,000 and $58,000, the credit is gradually reduced. It can be claimed for 20% of the first $10,000 dollars in tuition, for a maximum credit amount of $2,000. The lifetime learning credit does not have a limit on the number of times it can be used within a lifetime and can be used regardless of college level.
The Hope Credit is used for the first two years a student is enrolled in college. The Hope Credit can only be claimed by those who are enrolled at least half time, cannot be claimed on someone else's tax return, and who have not filed for the credit in more than one year previous. The credit amount is a maximum of $2,800 and is based on the amount of tuition you paid, and the income you made.
