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The maximum Hope Credit has been increased from $1,650 to $1,800 for each eligible student.
Below is an explanation of the change in calculation of the Hope credit:
The Hope credit is calculated
by taking 100% of the first $1,200 of qualified tuition and
related expenses and 50% of the next $1,200 of such expenses.
For tax year 2008, the Hope Credit is gradually
reduced if your modified adjusted gross income (MAGI) exceeds $48,000
($96,000 if married filing a joint return) and is completely eliminated
if your MAGI exceeds $58,000 ($116,000 if married filing a joint
return). |
