I'm tax exempt because of my income and status as a student so it doesn't benefit me as a writeoff and the money that I paid for the education was recieved from a $9,000 gift that I recieved last year.
2007-02-02 14:48:39 · 3 answers · asked by baseballplaya237 1 in Business & Finance ➔ Taxes ➔ United States
My guess is, if your income is low enough you aren't required to file, then you wouldn't qualify to claim education expenses. The hope and lifetime learning education credits are deductions against your tax liability. If you don't have a tax liability, you can't take the credit. You didn't actually incur any out of pocket expenses anyways. The money you used was a gift.
2007-02-02 14:52:28 · answer #1 · answered by Fool in the Rain 6 · 0⤊ 0⤋
The fact that you received the money as a gift doesn't matter. And being a student doesn't have any effect on your tax liability. But if your income is low enough that you don't owe any taxes, then it doesn't do you any good to claim education credits, since those can only reduce your tax to zero and yours is already zero.
If your parents still claim you as a dependent, they might be able to take an education credit though for your college expenses.
2007-02-03 12:46:03 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
call and ask. you dont want to get introuble for not doing it.
2007-02-02 14:56:09 · answer #3 · answered by Anonymous · 0⤊ 1⤋