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About Education Tax Credits |
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HOPE Credit
The HOPE credit gives you a credit on your income tax return of up to $1,650, for 2006, per student for the first two years of college. Lifetime Learning Credits
The Lifetime Learning credit gives you a credit of up to $2,000, for 2006, per household per year, but you can't claim the Lifetime Learning credit and the HOPE credit for the same individual. For example, you could claim a HOPE credit of $1,650 for a child who is in the first two years of college, and a $2,000 Lifetime Learning credit on other students in the family.
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