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This would depend on whether or not they were dependents on your tax return? If so, you can file for the education tax credit but if they filed their own returns and aren't dependents on your return, then they are the only ones who can claim the credit. Whoever has the right should file a form 8863 along with their tax return in order to claim the credits. In order to complete this form you need the form 1098-T from their college or vocation school.
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Can you claim a Hope Tax Credit for education purpose if you don't have a IRA?
Hope tax credits and IRAs have nothing to do with each other. So the answer is yes.
How can one get an education tax credit?
One can get an education tax credit by applying to the IRS in America. When applying you will receive a form 8863. You then return it with your tax form to the IRS.
How does one apply for family tax credit?
The child tax credit is available for families with children under the age of 17 and is worth $1000. In order to claim the tax credit the taxpayer must be able to claim the child as a dependent.
How to claim child tax credit?
Since tax regulations can change, it's a good idea to talk to your tax specialist or preparer to find out how to claim a child tax credit on your tax return. If you're filing a paper return or an online return and filling it out on your own, you should find it clearly indicated. There will be a few criteria that you will have to meet in order to claim the credit.
What is education tax?
Education tax credits can help offset the costs of education. The American Opportunity (Hope Credit extended) and the Lifetime Learning Credit are education credits you can subtract in full from the federal income tax, not just deduct from taxable income.
Is hope credit considered good?
Hope credit is a good tax credit for education. It�۪s to help your education with a tax credit. There are eligibility rules that you need to research in order to make sure you follow the requirements.
Who would be likely to use tax form # 8917?
This form is for Higher Education students to claim tuition and fees. The IRS CAUTIONS that you cannot claim both the education credit (on a different form, 8863) and tuition and fees deduction. On Form 8917--You may be able to take the deduction if you, your spouse, or a dependent you claim on your tax return was a student. This is based on the amount of qualified education expenses you paid for the student in 2009.
Can you claim your child for the earned income tax credit even if your ex is allowed to claim that child for the child tax credit?
Two people can not claim the same child. It's as simple as that. If the judge ordered that he get to claim the child for that certain year. Then he gets to claim him for whatever deductions apply to him.
What does line 369 of the first time home buyer's tax credit stipulate is the maximum amount one can claim?
Line 369 of the Home Buyerå«s Tax Credit stiputlates that first time home buyers can claim a maximum credit amount of $750. Only one partner can claim $750 on his/her tax return.
Do you have to claim the 8000 first time home buyers tax credit as income on your next tax filing?
No.
can we claim depreciation on an investment propoerty that we had forclosed on ?
Whether you can claim any tax credit depends on a number of variables. Get advice from a CPA, preferably one who specializes in tax filings.
How do you claim hope scholarship on taxes?
Starting in 2009, the Hope Credit is now the American Opportunity Tax Credit. You can claim it by filing Form 8863 and attached to Form 1040.
