Hope Scholarship Credit

Business / Taxes / Hope Scholarship Credit: You may qualify for a Hope scholarship tax credit for money you spend on qualified educational expenses for yourself, your spouse, or a dependent child. To qualify, the student must be enrolled at least halftime in the first or second year of a qualified higher education institution pursuing a degree or other credential. Qualified institutions include liberal arts colleges, universities, and vocational, trade, or technical schools. If two qualifying students are enrolled at the same time, you may take two Hope tax credits. To qualify for this credit, your modified adjusted gross income must fall within the annual limits that Congress sets. Those amounts tend to increase slightly each year. If you claim the credit while you're taking withdrawals from tax-free college savings plans such as a Section 529 plan or an education savings account (ESA), you'll have to plan carefully. Your withdrawals will lose their qualified status and be subject to tax and penalty if you use them to pay for the same expenses for which you claim the tax credit. You can’t take the credit, though, if you claim a tuition and fees deduction in calculating your adjusted gross income.

Other Words for Credit

Credit Verb Synonyms: ascribe, acknowledge, attribute, assign, impute
Credit Noun Synonyms: belief, faith, trust, credence
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Other Words for Hope

Hope Noun Synonyms: desire, wish, expectation, yearning, hankering, craving, longing, fancy, ambition, (day)dream
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Other Words for Scholarship

Scholarship Noun Synonyms: learning, erudition, knowledge, lore, education, schooling, training, preparation, know-how
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Full Faith And Credit

Business / Taxes / Full Faith And Credit: Federal and municipal governments can promise repayment of debt securities they issue because they can raise money through taxes, borrowing, and other sources of revenue. That power is described as fu MORE

Full Faith-And-Credit Obligations

Business / Finance / Full Faith-And-Credit Obligations: Describes exchange and government regulations providing for the release and free exchange of all information pertinent to a given security. MORE

Foreign Tax Credit

Business / Finance / Foreign Tax Credit: A special type of corporation created by the Tax Reform Act of 1984 that is designed to provide a tax incentive for exporting U.S.-produced goods. MORE

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