Reported on IRS Form 1098-T (No dollar amounts required for reporting on form in 1999). | Reported on IRS Form 1098-T (No dollars amounts required for reporting on form in 1999). | Reported on IRS Form 1098-E (If interest payments made for $600 or more during 1999). |
Taxpayers may be able to claim payments made during 1999 for qualified tuition & fees of up to $1,500 per eligible student. | Taxpayers may be able to claim payments made during 1999 for qualified tuition & fees of up to $1,000 per family. | Taxpayers may be able to claim interest payments made and applied to a qualified student loan during 1999 up to $1,500. |
Students that have not completed the first two years of postsecondary education may qualify. | This credit is not limited to students in the first two years of postsecondary education. | A qualified loan must have been issued for qualified higher educational expenses furnished during a period when the recipient was an eligible student at an eligible educational institution. |
Students must be enrolled in a program leading to a degree, certificate, or other recognized educational credential. | Eligible students may be able to claim this credit regardless of the number of courses taken at an eligible educational institution. This includes graduate-level degree work. | The loan must have been issued when the student was enrolled in a degree, certificate, or other recognized educational credential in order to be qualified. |
Students must be enrolled at least one-half of the normal full-time workload in their course of study during one academic period during 1999. | This credit can be claimed for an unlimited number of years for eligible students per family. | The loan must have been issued when the student was enrolled at least one-half of the normal full-time workload in their course of study in order to be qualified. |
Students must be free of any felony conviction for possessing or distributing a controlled substance. | Single taxpayers benefits phase out between $40,000 and $50,000. Married taxpayers benefits phase out between $80,000 and $100,000. | Interest can only be claimed for payments made within the first 60 months that payments are required. |
Students must be free of any felony conviction for possessing or distributing a controlled substance. | Single taxpayers benefits phase out between $40,000 and $50,000. Married taxpayers benefits phase out between $80,000 and $100,000. | Interest can only be claimed for payments made within the first 60 months that payments are required. |
This tax credit can only be claimed for two tax years per eligible student. | Married taxpayers wanting to claim this tax credit must file jointly. | Married taxpayers filing a separate return do not qualify. |
Single taxpayers benefits phase out between $40,000 and $50,000. Married taxpayers benefits phase out between $80,000 and $100,000. | The Lifetime Learning credit is calculated by taking 20% of the first $5,000 paid and applied to a student or students qualified tuition and related expenses. Tax-free funds may not be used in this calculation. | If someone claims you as a dependent this deduction cannot be taken. |
Married taxpayers wanting to claim this tax credit must file jointly. | IRS Form 8863 must be used to claim this credit and then attached to IRS Form 1040 or 1040A. | Single taxpayers benefits phase out between $40,000 and $55,000. Married taxpayers benefits phase out between $60,000 & $75,000. |
The Hope credit is calculated by taking 100% of the first $1,000 plus 50% of the next $1,000 for payments applied toward a students qualified tuition and related expenses. Tax-free funds may not be used in this calculation. | ** See Resources Below | This deduction can be claimed when filing one of these IRS forms: Form 1040, 1040A, 1040NR and 1040NREZ. |
IRS Form 8863 must be used to claim this credit and then attached to IRS Form 1040 or 1040A. | ** See Resources Below | ** See Resources Below |
** See Resources Below | ** See Resources Below | ** See Resources Below |