If you paid for tuition yourself can u claim that on your income taxes? If so who much will u get back on tax?

Answer 1

I assume that the tuition you paid was for higher education that was not work-related.

If you are not a dependent, then the Tuition and Fees Deduction, Hope Credit, or Lifetime Learning Credit may be available to you, depending on your year in school and whether you are full-time or not.

If someone else can claim you as a dependent, whether they claim you or not, you cannot take the Tuition and Fees Deduction.

If some else can claim you as a dependent, but they did not claim you, then the Hope Credit or Lifetime Learning Credit may be available to you.

How much will you get back:

If you owe taxes, your taxes may be reduced by any of the education benefits. None of these benefits gives you money, only a reduction in taxes owed.

Tuition and Fees Deduction can be as much as $4,000. If you are in the 15% tax bracket, this can be a tax reduction of up to $600.

The Hope Credit can reduce your taxes up to $1650.

The Lifetime Learning Credit can reduce your taxes up to $2000.

Answer 2

There are three ways to claim tuition on your return:

1) In the adjustments section (front, bottom of the 1040 long form), there is a tuition adjustment. This is usually the worst one.

2) The "Hope" credit (back of the 1040--"education credits"). This is usually the best one.

3) The "lifetime" credit (back of the 1040--"education credits") This one is better than #1, not as good as #2.

The Hope Credit applies only to your freshman and sophomore years and it allows the highest amount of credit.

The Lifetime Credit applies to any college year after the first two.

The only reason why someone might want to use #1 above is if they're in a very high income bracket and they can max out the adjustment. Otherwise, dollar for dollar, it just doesn't add up to the other two.

Answer 3

That depends on whether you're listed on your parents' return as a dependent. If you are not, then yes, you can claim a credit for tuition to an eligible institution. If you are listed on your parents' return as a dependent, then they can claim the credit for the tuition instead, but you can't, whether you paid it or they did.