Tax Credits The Hope Tax Credit, Lifetime Learning Tax Credit reduces you or your family's federal taxes. They are based on your college tuition and fee charges, minus grants, scholarships and other tax-free educational assistance. The Hope Tax Credit can be claimed during the first two years of college, up to a maximum of $1,500. The Lifetime Learning Tax Credit is available for any level of post-secondary study up to a current maximum of $1,000. If your parents or anyone else claims you on their income tax return, they would be eligible to take the credit on their taxes. If you were not claimed as a dependent on any one else's tax return, you would be eligible to claim the credit. The credits are not available to single filers with incomes greater than $50,000 or joint filers with adjusted gross incomes greater than $100,000. Also note that only one type of credit (Hope or Lifetime Learning) may be claimed for the student in any given year.