I recently started college. I'm 22, I live with my mother, however I dont believe she has claimed me for a while. I file a 1040ez form, and do the e-file. I do not own my own home, and do not itemize. I did not receive any financial aid this year, I just paid for it out of my own pocket. I received what I believe is 1098-T from my school. When I file my taxes, how do I go about claiming this, if I can?
2007-02-04 04:59:43 · 5 answers · asked by Jason R 1 in Business & Finance ➔ Taxes ➔ United States
You bet you can claim it!!
When you are ready to file, use turbotax.com and it will walk you through everything.
If you know how much you paid in tuition and such, you can e-file without the 1098-T.
Good luck!
2007-02-04 05:03:37 · answer #1 · answered by emaaaazing! 4 · 1⤊ 1⤋
Some of your tuition expenses may be qualified for deduction. Usually the amount reported on your 1098-t is what you are allowed to claim. Check out Publication 970 on the IRS website for the guidelines for claiming a tuition and fees deduction and the Hope or Lifetime Learning Credit. Note that publication 970 has not been updated since 2005 but is still used for 2006 returns.
2007-02-04 05:08:47 · answer #2 · answered by lehaoz 2 · 0⤊ 0⤋
You won't be able to file a 1040EZ, you'll file a 1040. But as long as your mom isn't claiming you, yes you can take an education credit. You don't have to itemize to do that.
If you're in your first two years of college, you can take a Hope Credit, otherwise you'll take the Lifetime Learning credit. The Hope credit would normally give you more money. You'll use form 8863 for either of them.
2007-02-04 14:16:29 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you paid for the school yourself you can deduct the amount on the 1098-T from your income. Problem is, since you're under 24 and still in school your mom can still claim you as a dependent if she wants. If you had wages in 2006 you can file your own tax return. Clarify with your mom if she plans to claim you. If not you can file on your own and deduct the tuition. Good luck.
2007-02-04 05:05:17 · answer #4 · answered by cinsingl83 3 · 0⤊ 2⤋
regardless of in case you're a based on someones taxes or no longer, you would be required to offer financial information for a parent/guardian till you attain a undeniable age or meet different standards. I also have a chum this is 23, has lived in NC for 4 years and her parents stay in WV. She nonetheless has to offer their information even nonetheless she doesnt stay with them and is not any longer on their taxes! regardless of in case you place your self as autonomous and dont meet the guidelines, FAFSA will evaluate you based and deny your autonomous declare.
2016-10-01 10:16:28 · answer #5 · answered by ? 4 · 0⤊ 0⤋