The Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit may be claimed in the same year on the same return by different family members. Further information about the Hope Scholarship Tax Credit and other Federal Tax Benefits may be accessed through the Internal Revenue Service . Please review Publication 970 or IRS administrative notice 97-60. St. Olaf recognizes that information of this type is subject to editing and revision. Please consult with a tax advisor or the Internal Revenue Service for additional information.
Families can subtract the credit directly for their total tax owed.
Enrollment in only one course at St. Olaf qualifies a student for the credit. The Lifetime Learning Tax Credit was designed for juniors, seniors, and graduate students who are ineligible for the Hope Scholarship. Itemized education deductions may not also be claimed. Proceeds from an Education Individual Retirement Account may not be distributed tax-free. The Hope Scholarship Tax Credit and the Lifetime Learning Tax Credit may be claimed in the same year on the same return by different family members.