The Hope Scholarship Credit is a nonrefundable credit against a family's federal income taxes. The Hope Scholarship Credit may be claimed for those payments of tuition and related expenses.
The Lifetime Learning Tax Credit applies to qualified tuition and related expense payments.
This incentive applies to education IRA's. A taxpayer may deposit amounts up to $2000 annually in to a (CESA). The contributions must be for a child under age eighteen. Other family members may also contribute to the (CESA), but the total contributions cannot be higher than $2000.
For specific questions, contact the Internal Revenue Service regarding the Education Tax Incentives.
