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Education
The Hope Scholarship Tax Credit has not been around for a long time. Last year, you could have received the American Opportunity Tax Credit, which is an education credit worth up to $2,500. TurboTax asks if you've received the Hope or American Opportunity Credits in the past because you can only claim them for a maximum of four years.
To begin checking if you are eligible for this tax credit and you have qualified education expenses in 2021, you would begin by inputting your 1098-T into TurboTax:
- Go to Federal > Deductions & Credits > Education > Expenses and Scholarships (Form 1098-T)
- Answer Yes to Did you get a 1098-T for the year? and Continue
- On the next screen, you can choose how you'd like to add your 1098-T. You can upload a digital copy from your computer or type it in yourself. Select which option you'd like and Continue
- After entering the information from the 1098-T you will navigate through several more questions. One of these questions will be how many years have you received the American Opportunity or Hope Scholarship Credits in the past.
- When you click Maximize My Education Tax Break, TurboTax should determine if you are eligible for the American Opportunity Credit or Lifetime Learning Credit.
March 21, 2022
12:07 PM