Hope Scholarship Tax Credit

[perrik]

Oooooh, that's a tricky question for a Friday afternoon...

The Hope Credit is only applicable for the first two years of undergraduate work, and you must be enrolled at least half-time. I do not think you can take the Hope Credit based on exam fees because those are not paid directly to the institution in which you're enrolled. However, your enrollment and continuance fees at Excelsior should be eligible for education credits (EC mails out 1098-T forms in January).

Ask EC's financial aid office for their advice. The Hope credit is more $$$ than the Lifetime Learning credit, so let's hope that you can take it!

EDIT: Which reminds me... if you are enrolled in a school whose students are eligible for federal financial aid, you are entitled to take the Lifelong Learning credit! In January, the school will mail you a 1098-T form stating your eligible tuition for the tax year. Go grab Publication 970 from the IRS website for the details.