Hi. In 2005 I filed $10000 dollars worth of tuition expense but I could only deduct $2000. This year (2006), can I claim $8000 worth to try to get another education credit this year since I was not able to fully benefit from my tuition expense?
2007-02-20 06:12:31 · 4 answers · asked by Moomoo 2 in Business & Finance ➔ Taxes ➔ United States
No, you can only deduct the expenses on the return for the tax year when they were actually paid.
2007-02-20 13:16:18 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You can only claim 2006 education expenses if you actually paid any in 2006. You can not carry forward any expenses from past years.
If you were not in school in 2006, make sure you take advantage of the student loan interest deduction. If you paid back any stdent loans, you may be elidgble for that write off (even if you don't itemize).
2007-02-20 06:59:34 · answer #2 · answered by j-man 4 · 0⤊ 0⤋
No. You can't use 2005 for 2006.
2007-02-20 06:15:37 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
No you can not. you need to have a 1099 from 2006. You can not go back years.
2007-02-20 07:26:31 · answer #4 · answered by Michelle R 1 · 0⤊ 0⤋