You are not a citizen until you are sworn in. If you are denied because of failure to pass the English or the civics test, you will be automatically rescheduled within 90 days. If you are not approved for some other reason, you may be given time to overcome the problem.
For 2009, the American Opportunity Credit--which is a variation of the Hope Credit--will be allowed for 4 years. For years before and after the new credit is allowed, the Hope credit is supposed to be for 2 years.
Tax Credit: Hope Credit. Letâs compare the mortgage interest deduction to the Hope credit. The Hope credit is an education credit that allows you to claim 100% of the first $1,2000 of qualified education expenses and 50% of the next $1,200, for a total of $1,800. credit is a straight reduction of your taxes owed, rather than a reduction of your taxable income, so the $1,800 credit means you pay $1,800 less on your taxes. For refundable tax credits, if you would otherwise owe less than $1,800, you get the difference back as a refund!