We are trying to figure out whether to claim our college-student son, or let him claim himself. Whichever way is the higher refund, we'll work it out (i.e. if we can get more from claiming him than he'd get claiming himself, we'll share the money with him...or, if he can get more claiming himself, he can give us what we would have gotten by claiming him...does that make any sense?) We did pay more than 1/2 of his costs for this year, but there is also college tuition. How do you know whether to take the hope credit or the lifetime learning credit?! TIA for any advice....

By Enchens on Tuesday, January 23, 2007 - 09:08 pm:

from my understanding, lifetime learning is for those courses taken above and beyond one's degree, for purposes of career advancement, or in the case of teachers, to keep up their credentials. It's been a while, but I would claim hope credit when I was still and undergrad. There is also a limit on how many times one can take the hope credit, don't remember what it is offhand. Did this help any?

By Reds9298 on Tuesday, January 23, 2007 - 09:33 pm:

I think that's right on the lifetime learning credit. I've gotten that for the last several years for my coursework over and above my bachelors.

By Cybermommyx4 on Wednesday, January 24, 2007 - 06:07 pm:

For those of you who have college-aged kids, which way have you found to be the most beneficial?

By Dawnk777 on Wednesday, January 24, 2007 - 06:54 pm:

I don't have advice for this year, but it will be an issue for next year.