Govt funding for an ATP

[Pistlpetet]

Sounds like you might be referring to the "lifetime" or "hope" tax credit. If so, check out the link (talks about both credits). The education office is correct in the fact that the school must be accredited. The tax credit does not lower your taxable income, but directly lowers the tax that you will pay....either $2000 or $1500 for the year.

A couple of my buds just did the -737type/ATP at HPA. Both claimed on their tax return since the school is VA approved.

http://www.irs.gov/taxtopics/tc605.html

You can use that Tax credit to any institution that is authorized to accept federal funds ie Financial Aid, VA approved, etc.

Using this tax credit will save you a little cash on the deduction, but nothing near what you would save using the GI Bill if available. Depending on your tax situation the tax deduction might be worthless.

 

[spanky2]

In the late 90's, the USAF used to have a program called "phoenix aviator". Not sure if it is still around. This program required you to stay until 20 years and in exchange the USAF paid for your ATP, FEX, FAA physical, 1 year membership in Air Inc, and supposedly worked with participating majors to get an interview. I was a "phoenix aviator" and completed my ATP and FEX thru ALLATPS at PNS in the Piper Seminole ... and flew my ATP check with the man with 2 last names ... Rogers Porters ... he was OK.