I graduated college in December 2005. I owed my university around $1,300 dollars in tuition and fees when I finished my degree. I didn't pay the university until February 2006. Can I claim that $1,300 as a deduction on this year's (2006) taxes?
2007-01-31 06:19:27 · 3 answers · asked by Mr. F 2 in Business & Finance ➔ Taxes ➔ United States
Absolutely! In fact, you can only deduct it in 2006. You should use the Lifetime Learning Credit or the Tuition and Fees Deduction (which won't appear on the 1040 form, but still is in effect for 2006)...which ever works better for you (assuming you qualify for each).
Tuition and Fees: You must file Form 1040 to take this deduction for up to $4,000 of tuition and fees paid to a post-secondary institution. The deduction will be claimed on line 35, "Domestic production activities deduction." Enter "T" on the dotted line to the left of that line entry if claiming the tuition and fees deduction.
2007-01-31 06:31:22 · answer #1 · answered by TaxMan 5 · 0⤊ 0⤋
Yes you can, but only if the money came out of your pocket to pay back the school. You cannot claim the 1300.00 as a deduction if you used a grant, loan, or other means to pay this to the school.
2007-01-31 06:30:16 · answer #2 · answered by Injun 3 · 0⤊ 0⤋
I would think so, if nothing else, call the toll free number to the IRS and ask them. They are there to help! The number will be in your tax booklet!
2007-01-31 06:28:31 · answer #3 · answered by Gramms 4 · 0⤊ 0⤋