Indiana Education Credit and Special Midwest Disaster Relief Spell Financial Relief for Hoosiers

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Indiana Education Credit and Special Midwest Disaster Relief Spell Financial Relief for Hoosiers

A 20% tax credit on up to $ 5,000 per year in contribu- tions, including rollovers (2009), to the Indiana 529 plan can be claimed against Indiana income tax (maximum yearly credit is $ 1,000 ). Effective January 1, 2010, rollover contributions and contributions generated through a rewards program are not eligi- ble for the credit. Accounts closed within 12 months from account opening date are subject to credit recapture.

Card One Email1 300x171 Indiana Education Credit and Special Midwest Disaster Relief Spell Financial Relief for HoosiersThe maximum Hope credit is doubled to $ 3,600 and the maximum lifetime learning credit to $ 4,000 for student attending institutions in the Midwestern disaster area. These favorable law changes apply to both 2008 and 2009. Qualified education expenses include: Tuition and fees, books, supplies, equipment, room and board.

Students resident at the follow- ing partial list qualify: Taylor University, Upland; Huntington College; Anderson University; Indiana State Univer- sity, Terre Haute; Indiana Uni- versity, Bloomington; and Pur- due, West Lafayette, and many more.