HOPE CREDIT

The Hope credit provides a credit of up to %1,500 for the first two years of a college education. Athletic fees, housing, and books are not eligible expenses for the Hope or Lifetime learning credits.

This credit phases out for married taxpayers whose gross income exceeds $83,000 and for single taxpayers who earn a gross income over $41,000. If your income exceeds the limitations for taking the Hope credit for your child's education, the IRS allows you to claim your child on your tax return.