Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I finally got an answer from a gentleman who works for IRS in Fresno. Here is how to do it:

If you or your dependant recieved scholarship income that was NOT a Pell grant, G.I. bill money, or have some special stipulation with it, report it all, or at least most of it. Then, you can still claim the Hope or Lifetime learning credit. If you or your dependent attend a California state school, where tuition is very low (2,100 per year for my son), you will want to report just about all the scholarship income for the first two years anyways to get the $1500 Hope credit. If you pay a ton in tuition at a private school, and the scholarship money does not cover it, then you can deduct the scholarship income, and still get the Hope or Lifetime credit. Did i confuse you? send me e-mail and i'll explain. take care dave
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.