The HOPE Tax Credit applies for the first two years of post-secondary education, such as college or vocational school. It does not apply to the third, fourth, or higher years of undergraduate programs, to graduate programs, or to professional-level programs. It can be worth up to $1,650 per eligible student, per year. You're allowed 100% of the first $1,100 of qualified tuition and related fees paid during the tax year, plus 50% of the next $1,100. Each student must be enrolled at least half-time for at least one academic period which began during the year. The student must be free of any federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year.

[IRS - http://www.irs.gov/newsroom/article/0,,id=107670,00.html]

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