I work full time, and make over $50,000 as well. I received ~1,000 in fed aid, and took out a ~1700.00 private loan. I'm also paying off a previous school loan. I have not itemized in the past, and not sure what exactly I can write off or qualify even to write off. I rent as well. I have no real estate.
2007-08-22 05:57:03 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
So I take a "credit" for education expenses. What would that knock off my bill, a grand maybe? I paid 800.00 for a summer course, and 200.00 for fall. I spent about a hundred dollars on supplies. I'm paying out of state tuition as well.
Can I write off
-rent
-car
-cell phone (primary phone)
-anything else?
2007-08-22 06:09:26 · update #1
You are most likely eligible for an education credit for a portion of your tuition and fees. You don't have to itemize to take this.
2007-08-22 06:04:10 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You do not have to itemize to be able to deduct student loan interest.
You probably qualify for the lifetime learning credit. A $1000 in tuition will save you $200 in taxes. Not a lot but it is something. The supplies are probably not deductible unless they are required to be purchase from the school.
Your other items:
Rent - Not deductible
Car - Not deductible
Cell Phone - Not deductible
2007-08-22 13:51:45 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
you pay less in taxes...much less.....get turbo tax for this year and the program will walk you right thru the process.
2007-08-22 13:04:25 · answer #3 · answered by degie 1 · 0⤊ 0⤋