Hope Scholarship Tax Credit:
The Hope Scholarship tax credit allows students, or their parents or guardians, to claim up to $1,500 per student per year for out-of-pocket tuition and fee expenditures. This $1,500 tax credit may be claimed for the first two years of undergraduate study. The Hope credit is available to taxpayers with a gross income of up to $50,000 (up to $100,000 for joint filers). The credit is phased out on a sliding scale for taxpayers earning $40,000 and above (and $80,000 and above for joint filers).
Lifetime Learning Tax Credit: