where do i add expenses for textbooks for1040 form?

Question

i paid out of pocket for a class and got the 1098-t form from my school.After using an onlne tax service they added the amount i paid to the adjusted gross income section of the 1040.Where can i add $150 for the books on the form? or is not allowed since im doing the tuition deduction instead of the hope and lifetime credit?

Answer 1

Textbooks are only deductible if they are required to be purchased at the school and 99.9% of them are not.

This applies to the hope or the lifetime learning credit also.

Answer 2

Textbook Expenses are qualified educational expenses. When you input your tuition expenses from your 1098-T, you should be able to include your textbooks as well. You can only take a deduction or credit for your out of pocket expenses (total cost-financial aid).

If you're trying to claim the Tutition deduction, you can only a exclude a maximum of $4000 from your Total Income.

If you are a freshman or sophmore, you can claim the Hope Credit which the maximum is $1650.

If you don't qualify for the Hope Credit you can claim 20% of your out-of pocket tuition expense, up to $10,000 of qualified expenses.

Answer 3

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