May a parent or student claim a credit for tuition paid in advance of when the academic period begins?
Generally, the credit is available only for payments of qualified tuition and related expenses that cover an academic period beginning in the same calendar year as payment is made. (An academic period begins on the first day of classes, and does not include periods of orientation, counseling, or vacation.) An exception allows a parent or student to claim a credit for payments of qualified tuition and related expenses made during the calendar year to cover an academic period that begins in January, February or March of the following taxable year. Hope Scholarship Tax Credit: Because the Hope Scholarship Tax Credit does not apply to expenses paid before January 1, 2009, this exception does not apply to tuition paid in 2008 to cover academic periods beginning in 2009.
Related Questions
- May both the parent and a dependent child claim the Hope Scholarship Credit for the childs qualified tuition and related expenses in the same year?
- How does a parent claim a Lifetime Learning Credit for the qualified tuition and related expenses of a dependent child?
- Can nonresident aliens claim a credit for tuition paid to go to school?
