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taxmap/pub17/p17-187.htm#en_us_publink1000235864

Special Rules for Students in Midwestern Disaster Areas(p241)


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The following rules apply only to students attending an eligible educational institution in a Midwestern disaster area in the states of Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin. For a list of the eligible counties, see Table 4-2 in Publication 970, chapter 4.
All of the other rules for claiming a Hope or lifetime learning credit (as modified by these rules) must still be met.
The Hope credit for students in Midwestern disaster areas is 100% of the first $2,400 of qualified education expenses and 50% of the next $2,400 of qualified education expenses for a maximum credit of $3,600 per student. The maximum lifetime learning credit for students in Midwestern disaster areas is $4,000 per return. There are no increases for the American opportunity credit when claimed for students in Midwestern disaster areas.
The definition of qualified education expenses is expanded for students in Midwestern disaster areas. In addition to tuition and fees required for enrollment or attendance at an eligible educational institution, qualified education expenses for students in Midwestern disaster areas include the following.
  1. Books, supplies, and equipment required for enrollment or attendance at an eligible educational institution.
  2. For a special needs student, expenses that are necessary for that person's enrollment or attendance at an eligible educational institution.
  3. For a student who is at least a half-time student, the reasonable costs of room and board, but only to the extent that the costs are not more than the greater of the following two amounts.
    1. The allowance for room and board, as determined by the eligible educational institution, included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student.
    2. The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution.
You will need to contact the eligible educational institution for qualified room and board costs.
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Figure 35-A. Can You Claim an Education Credit for 2008? Text DescriptionFigure 35-A. Can You Claim an Education Credit for 2008?