Steve--Thanks. Sorry this took so long to reply to, but I lost newsgroups
for two months in the Comcast switchover. TaxCut did notice that we were
eligible for the LLC.
"Steve Blank" <steve@[EMAIL PROTECTED]
> wrote in message
news:H%Cyj.11502$xq2.6231@[EMAIL PROTECTED]
> The Hope Scholar****p is up to $1,650 per student for the first two
> years, (100% of the first $1,100, 50% of the next $1,100 of qualified
> expenses).
>
> The Lifetime Learning has no time limit and is up to $2,000 per family
> (20% of the first $10,000).
>
> You got a 1098-T from the college, showing amounts billed/paid and
> amounts of gift aid. The difference between them is what you use for
> either credit.
>
> If that difference is greater than $2,200 then the lifetime credit is
> better, and you (or Taxcut) are free to pick the one that works best for
> you.
>
> People with multiple students can mix and match so long as each credit
> is not taken more than once for the same student that year.
>
>
> Steven B. Blank
> College Financial Aid Consultants
> 29 Ives Hill Court
> Che****re, CT 06410
> (203)250-7761
>
>
> On 3/2/2008 6:18 AM, TheBreeze wrote:
> > I'm filling out my 2007 taxes, which actually means putting the info
into
> > TaxCut. I have one college freshman for the 2007-2008 school year. The
> > software keeps trying to push me to take the Lifetime Learning Credit
> > instead of the Hope Scholar****p. I had in mind to take the Hope the
first
> > two years, then the LLC the third and fourth year. When I was
researching
> > this, I took a ton of notes, but of course now I can't find the file
> > containing them (although I'll keep looking).
> >
> > Since expenses were high enough so that the tax software is pu****ng
the
LLC,
> > is there a reason I shouldn't take it for 2007? Maybe my logic was
faulty,
> > and the expenses were such that the LLC gives a better credit than the
Hope.
> > It's just that it wasn't what I expected, and now I can't recreate the
ideas
> > that were leading that way.
> >
> > Thanks for your thoughts.
> >
> >
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