College Tax Return Question/ 1098-t?

Question

Got my 1098-t back, I have about 400 bucks in T&fees. Parents combined income is over 110,000 and they claim me as dependent. I can't use the Hope Credit because it's not my first two years of school but if they claim tuition and fees and/or Lifetime learning how much are they going to save or "get back"? Will they save anything? Is it really worth it?

Um what other things can you really claim??? Usually you can't claim books or anything else...

Answer 1

Are you filing a tax return for yourself? If so, you may benefit more from taking an education credit (lifetime learning credit) or the tuition deduction. Your parents will probably not benefit much from this.

Answer 2

With $400 in Tuition and fees they will really save very little. It might only be worth a few dollars at most.

Answer 3

I also am going to do this 1098-t, you can also claim things not on this form, I've talked with IRS, mine says 1900.00 grants paid 1400.00 approx. but it doesn't include some fees, and books. I can't claim parking permit though. Go to irs.gov
type in search box at top 1098-t it will give you sites inside the site to go to, you can also use the left side of the screen go to forms, it will give you publications, instructions with everything needed, it will also give you phone numbers for help under help menu there also is a 1-800 number listed in tax forms and on site telling you everything.

Answer 4

hi, aphrodite! Whoever informed you it fairly is authentic; besides to any classes expenses stated to you on type 1098-T, you additionally can declare "qualified practise costs." each and every of the fewer than links supplies this definition for such costs: "student-activity expenses and costs for path-appropriate books, ingredients, and gear are lined in qualified practise costs provided that the expenses and costs could be paid to the corporation as a situation of enrollment or attendance." the main this is that such costs basically practice in the event that they're REQUIRED to be paid on your college as area of your training. The examples given at each and every of the fewer than links incorporate issues like "John takes a type that demands particular books, yet he's authorized to purchase them everywhere and in spite of the undeniable fact that he want. this would not be a qualified practise cost. And, "As area of her dentistry path at school X, Jane is had to pay a condo value to the college for dental kit; this could be a qualified practise cost." look at the fewer than links for extra information. good success! :-)