my dad says i can and if so i would like to know forms to fill out to get the money back.
2007-08-29 15:42:15 · 6 answers · asked by j00lee00 2 in Business & Finance ➔ Taxes ➔ United States
Tax deductible doesn't mean you get your money back - it can mean that it results in your paying less tax than you otherwise would have.
First of all, if your dad can claim you as a dependent, whether or not he actually does claim you, then HE gets the education credit, not you - if he does, he could give you some of the money he saves in taxes, but doesn't have to.
The form to claim education credits is form 8863, and you can download it at irs.gov. The credit doesn't give anywhere near ALL of the money back, but will give some of it back if the person filing has any tax liability.
2007-08-29 17:22:14 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
You cannot take a deduction for qualified tuition and fees paid in 2006 (and 2007). Only the interest paid on student loan can be deducted.
You may be eligible for the education credit: Hope Credit or Lifetime learning Credit.
2007-08-30 11:07:16 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
deductible no matter what's the source: your own money or loan.
2007-08-31 12:26:32 · answer #3 · answered by alikmal 2 · 0⤊ 0⤋
Yup it is tax deductible....
2007-08-29 22:49:35 · answer #4 · answered by Nance_1010 3 · 0⤊ 0⤋
Go to The IRS in your town. Just go in there. Your get all the help you need.
2007-09-06 02:57:55 · answer #5 · answered by ? 6 · 0⤊ 1⤋
some of it may be. see irs.gov and search for education.
2007-08-29 23:03:28 · answer #6 · answered by heart_and_troll 5 · 0⤊ 1⤋