Show I I j I o e. e f fi t J J dt t f j i Wf IC i. i 4 S I I 0 4 H t j l iii i f t r t a e t I ii II f 1 I J f I f C l I Jt c f. f s i T Wt 4 I t I T. T ti r i lJ t r f pt Jit 1 Cl TJ W t t It r d L I I 1 J i b I 4 w wl l 2 p- p l n- n x t tj I I I i. i 41 r s. s t r I t. t c r t f r i f 11 t tf j at r rat h hSi Si j y r.-y- I r 1 r t. t 4 J a. a q r Y Yi i J DY lICK iMore More money for college students Brian Short Contributing Writer Starting in 2009 all students will be eligible eligible eligible eligi eligi- ble for larger tax credits The American ReInvestment ReInvestment ReInvestment Re Invest ment and Recovery Act has made major changes to the amount of money students can now claim on their taxes Through the changes change made to the Hope Scholarship Credits Credits Credits Cred Cred- its students will be entitled to larger refunds meaning more money in their pockets According to IRS over 50 of students who should be claiming an education credit or deduction on their tax returns does not do so says Cheryl H R Block Master Tax Advisor This means that students are missing out on money money money mon mon- ey that is entitled to them The Hope Scholarship Credit actually has a misleading misleading misleading mislead mislead- ing name Because the word scholarship appears in the title many are mislead to think it is an award based on academic performance but the credit is actually available to students that pay tuition The credit gives students a chance to obtain a re reward reward reward re- re ward for going to school Previously the scholarship scholarship scholarship scholar scholar- ship was limited to a 1800 credit Now the credit has been extended to 2500 This means that students are able to claim up to 2500 dollars on their taxes resulting resulting resulting result result- ing in larger tax refunds The money used to pay tuition can be claimed even if it was paid for with a student loan Students are also now able to claim the credit for a maximum of four years as opposed to two years the prior limit Even students that have claimed the credit two years previously can now use it for two more years Income restrictions are also being raised With the new newHope newHope newHope Hope Scholarship Credit the income restrictions will be significantly higher helping helping helping help help- ing students with higher incomes in incomes incomes in- in comes that were not eligible for the credit previously further explains For Forthe Forthe Forthe the first time ever it allows textbooks and other course materials materials materials ma ma- as qualified expenses All the money spent on books can now be used as a tax deduction This has never been allowed before so students students students stu stu- dents need to save their re receipts receipts receipts re- re as they will need to provide a proof of purchase This can also be done through credit and bank statements or online purchase confirmations Students will also need needa a a tax document provided by the college which states the amount of tuition that was paid also suggests that students should check their old tax documents and find j out if they had previously I II r I I Cedit Continued on vA j f. f o r nn- nn I te Tax credit credi t K I d Jo r J Continued from Al Alto A l i 1 J JI to I rj Iu I r. u jJ t i claimed an education i i credit or not If they were J 7 I 1 attending school col lege level or higher they t o- o oare are likely to be eligible O n. n c. c for education credits 7 Jr r I If education credits sa e I chave not been claimed 1 17 r t vin in in 2006 2007 or 2008 J IJ students should look 1 r. r 2 into getting them fixed tl Vr tl The IRS will let you 1 I- I know if you owe them I money says But j they do not have the legal j j v r-v a J responsibility to let Jet you know if they owe you Students that at attended attended at- at attended tended school and did not claim an education credit can still go back f for the last three 4 years an and d c claim I. I aIm cre credits d. d Its t that h at een I claimed dlf t een jn c alme through pr programs pro grams rams such suchy HR y Blocks Sec- Sec W. Look Program Students wanting t more information c can contact Ch Cheryl ery 1 N Nage- Nage age age- li at tax t a x h r b I 0 c k com f It I |