Will we be able to deduct school expenses for tax time this year?

Question

When I started up turbo tax this year it told me that congress hasn't passed the bill, or whatever, for people to be able to deduct school (college) expenses yet this year. Does anyone know if this is in the works or not?

Answer 1

Yes, the IRS is saying they won't have the form out until probably February. This happens just about every year with something. Congress changed the tax code concerning deducting education expenses too late in the year for the IRS to get the form ready in time for filing season to start. If you want to take the credit you'll have to wait unfortunately.

Answer 2

ok, what grew to become into the fee truly for? activity on a student own loan, or training and fees, or something else? Your question isn't sparkling. in case you're deducting student own loan activity, it does not bypass on schedule A, if it somewhat is eligible for a deduction it is going on the 1040 or 1040A as an adjustment. The lifetime getting to understand credit grew to become into surely around for tax 12 months 2006. this is for training and fees however, no longer activity. The tax reductions for a $1700 deduction varies through your tax bracket. In a ten% bracket the reductions is $a hundred and seventy; in a fifteen% bracket it somewhat is $255.

Answer 3

Instead of deducting school expenses, look into education credits. Education credits usually will save you a lot more money on your taxes than education deductions. Credits are deducted from the amount of tax you owe, dollar for dollar. Deductions are multiplied by the tax rate before reducing your tax liability.

Answer 4

I think thats one that was passed but you can deduct books and stuff like that to begin with. Irregardless the tax changes will be announced within two weeks.

Answer 5

Yes, it has now passed (in December) and been signed, so you can take it. Early versions of tax software might not have this included.

Answer 6

as for as i know, it hasnt changed,

Answer 7

NO