Can I still benefit from Hope Scholarship and/or Lifetime Learning Credits if I contribute to a NextGen account?
Yes. Contributing to a NextGen Account will not affect your eligibility to receive these tax credits. However, you must meet the federally mandated requirements for the Hope and Lifetime Learning credits. In general, single tax filers whose annual adjusted gross income does not exceed $40,000 and married taxpayers whose annual adjusted gross income does not exceed $80,000 can take full advantage of these credits. Taxpayers with incomes between $40,000 and $50,000 (single) and between $80,000 and $100,000 (married) are eligible to take partial advantage. Taxpayers with incomes above $50,000 (single) and $100,000 (joint) cannot use these credits at all.
Related Questions
- Can I still benefit from Hope Scholarship tax credits (also known as American Opportunity tax credit) and/or Lifetime Learning Credits if I contribute to a NextGen Account?
- Can I still benefit from Hope Scholarship and/or Lifetime Learning Credits if I contribute to a NextGen account?
- What is a Learning Credits Account?
