Trying to do my taxes and a bit confused on what is considered a tax credit for the Hope Credit or Lifetime Credit. My qualified tuition and expenses are $3176.00 while the Scholarships/Grants is 2901.00. The difference is 275$. I did a student loan for $1750. Im not paying anything on the loan yet, im still in school. But my question is what do I get back? I understand you get money back on a loan, but not the scholarships if they are directed towards the tuition and expenses. I know the Hope Scholarship is directed towards to tuition, but not sure about the Pell. Im sure its a dumb longshot, but what if I claim my loans towards the tuition rather than the Pell? I've read all sorts of sources, but nothing really explains what is "priority" payment on tuition over another type of payment. Its probably more SAFE to just claim the 275$ on loans....GIVE ME SOME ADVICE! Thanks!
2007-01-24 15:06:43 · 4 answers · asked by Yahoo_User_GA 1 in Business & Finance ➔ Taxes ➔ United States
Call a local CPA with that question. Good luck!!!!!
2007-01-24 15:10:38 · answer #1 · answered by Peaches 2 · 0⤊ 0⤋
What does your student account say? If it says that the Pell grant paid for tuition, then you cannot say that your student loan paid for tuition. If your account does not specify the source of the payment, then it would be okay for you to specify that your student loan paid for tuition.
None of this will matter unless you owe income taxes. The credits and deduction never give you any money back. The credits reduce tax owed, and the deduction decreases your taxable income.
2007-01-24 15:14:21 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
no its no longer a scholarship lol its a provide thats why its noted as pell provide that is maximum acceptable to combine a provide and many scholarships to get you with the help of faculty yet getting merely one scolarship presently is demanding sufficient via the undeniable fact that is its a provide which will pay you in aspects each and every verify comes each and every semester yet lower back its no longer a scholarship ok
2016-12-03 00:37:22 · answer #3 · answered by abigail 4 · 0⤊ 0⤋
I took an economics class!
You definitely need to use the Pell Grant.
Good luck!
2007-01-24 15:18:00 · answer #4 · answered by T.VO 3 · 0⤊ 0⤋