Gates might have better luck with his education and tax credit proposals, reforms the Bush administration has also backed.
For example, consider a tax credit for higher education costs, such as the existing American Opportunity Tax Credit (AOTC).
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In addition to the tax credits, which provide beneficiaries with dollar-for-dollar reductions in their income tax bills, the government also offers a higher education tax deduction to students and families not claiming a tax credit.
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You may not itemize deductions on a form 1040-A. You may claim some credits using the form 1040-A, including the child tax credit, education credits, earned income credit, credit for child and dependent care expenses, credit for the elderly or the disabled and the American Opportunity Credit.
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And the definition differs yet again for education benefits: the American Opportunity Tax Credit, Lifetime Learning Credits, and the tuition and fees deduction.
Mr McCain also wants to expand education saving accounts and introduce a tax credit for donating to schools, while Mr Bush wants to make charitable giving tax-deductible.
Today we can say something we could not say six years ago: with more affordable student loans, more Pell grants and work-study jobs, education IRAs, a lifetime learning tax credit for junior and senior year of college, and the new HOPE scholarship tax cut that more than 5 million Americans will receive this year, we have opened the doors of college to all.
On Sunday, February 10, the IRS will accept tax returns which include federal form 4562, Depreciation and Amortization, and on Thursday, February 14, the IRS will accept tax returns which include federal form 8863, Education Credits (for taxpayers claiming the American Opportunity Tax Credit and the Lifetime Learning Credit).
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Mid-day Monday, February 14, IRS expects to be able to begin processing 2010 tax returns for those taxpayers who itemize their deductions, take advantage of education incentives, the Homebuyer Credit and many other less frequently used tax benefits.
If the child tax credit applies, Rosica says that the senior may also be eligible for the education credit provided they are responsible for tuition fees.
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But to prevent double-dipping the IRS requires that distributions from 529 plans be coordinated with other education-related tax incentives such as the lucrative American Opportunity Credit, tax exclusion on savings bonds, etc.
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You may only claim the American Opportunity Tax Credit (or the old Hope Credit) for four years of undergraduate education.
Proposals for helping the poor include expanding the earned income tax credit, further increasing the minimum wage and ramping up funding for public education.
And this tax credit is making possible Kathleen and Edward Mohan to give their daughter Sarah the education she needs to pursue her dream of becoming a nurse.
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You can use money that you borrow in order to calculate the deduction but you cannot claim a deduction or credit based on expenses paid with tax-free scholarship, fellowship, grant, or education savings account funds such as a Coverdell education savings account, tax-free savings bond interest or employer-provided education assistance.
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