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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
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