Why would anyone want to take the Hope credit when the American opportunity credit is better?
- posted
14 years ago
Why would anyone want to take the Hope credit when the American opportunity credit is better?
The maximum Hope credit is $3,600 for colleges located in the Midwestern Disaster Area, as opposed to $2,500 for the American Opportunity Credit. (The Lifetime Learning credit is also 40% in this area, as opposed to 20% elsewhere.)
Because this country elected Obama on "hope?" ;-)
When one has a choice in the tax code, why not take the option that is better? We don't know your situation, but there could be some who qualify for one but not the other.
========================================= MODERATOR'S COMMENT: In a declared Mid West disaster area the Hope may be worth more than the AOC.
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