Hundreds of Thousands Claimed $532M in Excess College Tax Credits

Source: treas.gov Posted By: Nancy W...5263 days ago

The Hope tax credit is designed to help middle class families pay for college -- but not this much. A Treasury Department audit released Thursday found that several hundred thousand taxpayers sought credit in 2006 and 2007 for more than half a billion dollars more than they were supposed to by claiming the tax credit for a third or even a fourth year; it is limited by statute to two years. The agency's inspector general for tax administration found that the IRS system is not set up to flag taxpayers....

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