Families can subtract the credit directly from their total tax owed.
Enrollment in only one course at St. Olaf qualifies a student for the credit. 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. Further information about the Hope Scholarship Tax Credit and other Federal Tax Benefits may be accessed through the Internal Revenue Service .