Traditional individual retirement arrangement (IRA). Generally, if you have a traditional individual retirement arrangement and are covered under an employer retirement plan, the amount of income you can have in 2001 and still claim a deduction for a contribution to a traditional IRA is increased in most cases. The amounts vary depending on filing status. For more information, see Publication 590.

Extension of time to file. You can get an automatic 4-month extension if, by April 15, 2002, you either file Form 4868 or pay part or all of the tax you expect to owe for 2001 electronically by credit card. For details, see Form 4868.

Education benefits. The following benefits are specifically for higher education expenses.

Hope credit. You may be able to claim a tax credit of up to $1,500 for each eligible student.

Lifetime learning credit. For qualified tuition and related expenses paid during the tax year, you may be able to claim a tax credit of up to $1,000 for all students. However, you cannot take both the Hope credit and the lifetime learning credit for the same student in the same year.

Photographs of missing children. The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.

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