Wednesday, May 26, 2010

How can I/my father claim the Hope or Lifetime Learning credit if he already did his taxes and he ca

A tuition statement for me (form 1098-T) was sent to my grandma%26#039;s house where my father and I stay, but I am staying on campus right now so I did not get it. My father got it and he was going to take it with him when he went to have his taxes done at the library, but he misplaced it and so he could not take it with him. But he found it again after he already had his taxes done. So I just want to know if/how he or I could claim the Hope/Lifetime Learning credit based on form 1098-T now(if eligible) since he has already had his taxes done. Note that my father and I are both unemployed and I recieve no income, but he recieves about $700/month from retirement.



How can I/my father claim the Hope or Lifetime Learning credit if he already did his taxes and he can claim m?

This credit is used to lower your taxable income, resulting in less taxes owed. Its not a reimbursment. Your father can file an amended return (1040X) and claim this credit (if he can indeed claim you as a dependent). It could mean a larger refund, or owing less in taxes.



Good luck.



How can I/my father claim the Hope or Lifetime Learning credit if he already did his taxes and he can claim m?

If he has allready done his taxes,he can file a 1040x adendum. But did your father have a tax liability? IF he did then file the 1040x, if he did not have a tax liability, then dont bother filing.



How can I/my father claim the Hope or Lifetime Learning credit if he already did his taxes and he can claim m?

Yes you can amend your 2007 and 2006 returns. Either call the IRS for more details or go to http://www.irs.gov and get the forms 1040X for 07 and 06 and refile them. Yes, the IRS will give you another check if they owe it to you (or your father) for both of the years if you were eligible for the credits.



How can I/my father claim the Hope or Lifetime Learning credit if he already did his taxes and he can claim m?

If you are his dependent, he can claim the credit but you can%26#039;t. He could file an amended return and claim it.



But an education credit only has any benefit if the person claiming it owes taxes, so if he doesn%26#039;t have any tax liability for the year, he woudn%26#039;t get anything from the credit. He doesn%26#039;t have enough income to owe any tax so wouldn%26#039;t get anything from the credit. An education credit can reduce a person%26#039;s tax - but since his tax is already zero there%26#039;s nothing to reduce.



If last year he couldn%26#039;t claim you, so you could claim yourself, and you paid tax (didn%26#039;t get it all back) then YOU could file an amended return and claim the credit for that year. But it doesn%26#039;t mean you get $2000. The most you could get is the amount of tax you paid and didn%26#039;t get refunded, if any - if you weren%26#039;t employed last year either, then no there%26#039;s nothing to claim

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