Tax Resources

Hope and Lifetime Learning Credit

Hope and lifetime learning credits are the two education learning credits a taxpayer can claim for qualified higher education expenses. Hope and lifetime learning credits are nonrefundable education tax credits.

Which one to claim, hope or lifetime learning credit?

For each eligible student, the taxpayer can elect to claim only one education tax credit whether it be the Hope tax credit or the Lifetime learning tax credit.

What education tax credit to claim if qualified education expenses are paid for more than one eligible student in a year?

The taxpayer can choose to take a credit on a per student, per year basis. For example, the taxpayer can claim the Hope credit for one child and the lifetime learning credit for another child in the same tax year.

What tax form is used to calculate hope and lifetime learning credit?

The IRS tax form 8863 called the Education Credits (Hope and Lifetime learning credits) is used to calculate the education tax credit then entered on the tax form 1040A or form 1040.

The hope tax credit

Hope tax credit

The Lifetime learning credit

Explain Lifetime Learning Credit

Tax Questions