2007-09-26 01:46:12 · 8 answers · asked by ksloan15522 1 in Business & Finance ➔ Taxes ➔ United States
I found out that I can only take a third of this as a deduction, because it's for three semesters. Now if I pay what my son is responsible for according to the school will I be able to deduct a third of it. By the way yes I can claim him. My income level is 35,000.
2007-09-29 00:16:23 · update #1
If he is your dependent you can claim those expenses under education expenses, Hope Credit if he is either a Freshman or Sophomore in college, Lifetime Learning Credit for any years beyond the first two. There is also Tuition and Fees Deduction that you can take instead of the credits. If he's not your dependent then you can't claim anything.
I have attached a link to the education credits for the Hope Credit and Lifetime Learning Credit, and the instructions are part of the attachment as well.
2007-09-26 02:44:03 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Absolutely! You have three choices on how to use this expense. 1. You can deduct it from your AGI (Ajusted Gross Income) this could potentially lower the tax bracket you fall under. Line 34 on forms 1040, 1040A 2. If you have not claimed the Hope Credit already you can enter the expense amount for this credit. Note: You can only claim for 2 years. Form 8863 3. The Life Time Learning Credit is the next best thing, there is no limit on how many times you can claim this as long as you are in school. Form 8863 The tax benefit depends on how high the expense was. My suggestion is try them see which would work the best for you. Feel free to call us if you need any other tax advise.
2016-05-18 23:55:23 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Did you pay $8,000 in one year for your dependent child? You might get:
Hope Credit: Applies to only the Freshman or Sophomore year of college, at least half-time attendance. If your AGI (there are a few additions to this depending on the credit) is less than $45K if you are not married or less than $90K if you are married, then you could get as much as $1,650 (may be slightly higher for 2007) of credit against taxes you owe.
Lifetime Learning Credit: Applies to any year of college. Same income limits as Hope Credit. You can get 20% credit or $1,600 against taxes you owe.
Tuition and Fees Deduction: Applies to any year of college. You can deduct $4,000 from your gross income. The income limits for the full credit are $65K if not married, and $130K if married. If you make too much to qualify for the credits, you might still get to take the T/F deduction.
All three tax benefits have a phaseout for slightly higher incomes. Details are here:
http://www.irs.gov/publications/p970/index.html
You have to figure each credit or deduction that you qualify for and see what is best. You can only get one benefit for your child. You can't split your tuition payments up and take more than one benefit.
Check how this affects your state return as well before making your decision.
2007-09-26 13:58:44 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋
You can file for the HOPE credit. Also, if your son can no longer be claimed by you for some reason, later on in life he can claim the Life time learning credit.
Below I have placed a link to the IRS with the specifics!
2007-09-26 01:51:26 · answer #4 · answered by keo31204 2 · 0⤊ 0⤋
There are some deductions available for education past high school, but it's limited. Cant deduct the whole amount that's for sure.
2007-09-26 01:54:07 · answer #5 · answered by hirebookkeeper 6 · 0⤊ 0⤋
If you still claim him as a dependent, then yes you can take an education credit for part of the expenses. If he's not your dependent, then no you can't.
2007-09-26 03:18:43 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
yeah.. there is a spot to claim it on your taxes under education
2007-09-26 01:49:01 · answer #7 · answered by fireguy 3 · 0⤊ 0⤋
Pepsilime keeps it real
2007-09-29 08:19:10 · answer #8 · answered by mr fugi 6 · 0⤊ 0⤋