Hi,
This is my first year of college and Im not really sure about all of the tax issues that go along with tuition.
I live off campus by myself, I claimed 1 (myself) on all of my W2's so my parents were not able to claim me.
I only made 2500$ at my part time job this year.
I have student loans, but my dad co signed for them. I am wondering If I am to claim them on my taxes because he co signed, but the loan is primarily in my name and my parents can not claim me as a dependent student (if they can, they are not claiming me as a dependent I am able to claim myself.) I have been enrolled full time since august 08.

Anyways, the total billed tuition is 8924$I am wondering if I am eligible to claim either the life long learning tax credit or the hope tax credit and how does that work? If I am eligible and do file will that be a part of my refund?

Thanks for any input, the pamphlet I got said that students loans ARE eligible but not scholarships or gifts.

Any ways lol, I hope I made sense, I appreciate your input.

Unless you had a ton of student loans, are you sure you supported yourself? (Do the support test worksheet in pub 501, page 20.)

If YOU only made $2500 last year, YOU do not owe taxes. On your tax return, a credit is worthless because all a credit does is get your tax bill to zero--and it already is.

Your refund is merely the tax that was withheld on your W-2.

If you made less than 9000 then it doesn't matter. All of your income is tax free. The best option for your family as a whole is to have your parents claim you as a dependent. If you're claimed then all of your income under $5450 is still tax free. So either way you get the same amount of money back. What changes though is that if your parents do claim you then they get to take a personal exemption for you and your education credit. You are eligable to take the hope credit, but it is entriely worthless to you. So if you claimed yourself you get all of your federal tax back. If your parents claim you then you get all of your federal tax back and your parents get an additional $2500 in their refund.