Can I use my tuition as a tax write-off as a college student?

Question

And how? Would I have to use a form other than the 1040 EZ? Thanks!

Answer 1

If you can be claimed as a dependent by your parents, then they'd get the tax benefits from your tuition and fees, you wouldn't. But if they can't claim you, then you can take either an education credit (Hope, if you qualify, or Lifetime Learning) or a tuition and fees deduction. You have your choice of which one of these to take if you meet the requirements, so can take the one that would benefit you the most. None of the three require that you itemize.

You'd have to use a 1040A or 1040, not 1040EZ, to take one of the credits - for the tuition and fees deduction, you'd have to use a 1040. If you qualify for all of them, the credits are usually better than the deduction, and the Hope credit is usually better than Lifetime Learning, but check them all out to see which gives you more. You can only take one in any given year.

Answer 2

If you meet all of the requirements to claim the deduction per Publication 970

http://www.irs.gov/publications/p970/index.html

Tuition and Fees deduction is claimed on the Form 1040 Line 35, you need to put a T to the left of the line entry.

This adjustment to income was reinstated by Congress Jan 07 after the Tax forms were printed

Answer 3

I clearly doubt which you will save time logs exhibiting the proportion of time the laptop replaced into used for deepest use and the proportion of time the laptop replaced into used for business enterprise or investment applications. whether you probably did, you could depreciated the laptop over various years, basically take the non-very own proportion, positioned it on the time table A (with added obstacles) and then in case you are going to be able to itemize, it could make a teeny, tiny distinction. As for being an ideas dealer. vast whoop. you're a college student first, an investor 2nd.

Answer 4

It would most likely be best to use form 8863 education credits go to irs.gov and then go to publications look for the instructions manuel for what forms u are using

ignore the first person... second person is correct but u need to make the decision of which case will be better their way or using the education credit (the hope credit or life time learning credit) it depends on your situation...
consider going to VITA (volunteer income tax association) your school probably has this program or consider going to ur schools business dept. and maybe as a prof.

Answer 5

If your parents claim you as a deduction (dependent) on their taxes, they would claim the tuition credit.
If you claim yourself you can claim the tuition credit.

Answer 6

if you paid it yourself yes you need to itimize you deductions
if it was a loan no only the interest