i paid about $3,500 towards my tuition i have reciepts and everything. if i add this onto my taxes will this be an advantage for me. will i get more money back.
2007-01-28 11:59:16 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
you should receive a 1098-T from your school showing how much tuition you paid in 2006. there are 2 education credits: hope credit and lifetime learning credit. these are tax credits and offset your tax liability. there is also a tuition and fees deduction, which can reduce your income by up to $4,000. you would only be able to claim a credit or deduction if you are not a dependent of someone else. you would only be able to claim one of the above, not all three. use turbotax software which will help you to determine which is the most advantageous for you.
2007-01-28 20:46:00 · answer #1 · answered by tma 6 · 0⤊ 0⤋
If you are not a dependent, then you can take an education credit for a part of your tuition. The Hope Credit is available for the first two years of post-secondary education - after that, you can take the Lifetime Learning credit.
If your parents claim you as a dependent, then THEY get the education credit.
2007-01-28 20:43:58 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There are two choices on your taxes to claim school credit. One is life related and the other is something else. Choose the something else you will get more back; however, you cannot claim all of your expenses. Your university should send you a form that will advise how much you can claim on your taxes.
2007-01-28 20:04:32 · answer #3 · answered by Wendy H 2 · 0⤊ 0⤋
Get Turbo Tax. It will walk you through everything. Don't go to H&R Block because they are idiots (& people that flunk the final) and expensive.
2007-01-28 22:42:01 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
Go to H-R Block !!
2007-01-28 23:09:31 · answer #5 · answered by Anonymous · 0⤊ 1⤋