How long can I file taxes on tuition?

Question

I attended a college about five years ago and paid a substantial amount because I was an out-of-state student. I just found out this year that I can receive money back on my federal taxes. Is five years to long to file or is it a lost cause?

Answer 1

Be careful with some of the answers here. I believe they're right on the amount of time you have to file an amended return back for previous tax years... However, tuition can be deducted for more than just work related expenses.

There are other alternatives that are usually more beneficial to taxpayers, like the life-time learner credit and the Hope education credit. Each credit has its own set of rules, so you'll have to do your own analysis to determine which is most beneficial for you... Or which you would even qualify for.

I'd suggest reading Publication 970 to determine your appropriate course of action.

Answer 2

1. Tuition fee deduction is allowed only if it is needed for improving your skills/qualifications for the present employment. And, you can deduct it only if you itemize your deductions. These employee business expenses are subject to 2% AGI limit, which means that you can deduct expenses that are more than 2% of your Adjusted Gross Income.

2. If you want to amend your previous returns, then you can go back 3 years only.

For more information, read IRS publication 17: Your Individual Income Tax, chapter 27- Tax Benefits for Work-Related Education
http://www.irs.gov

Answer 3

Its not the American Opp Credit, that cannot be filed until Mid Feb, Its the tution and fees deduction. I have already filed my tax's and my WMR, says it will be no later tha Feb 1

Answer 4

Sorry, too late to amend your return for five years ago - you can only go back to 2004 and still get your money.

Answer 5

Ask the IRS , not us , we don't really know .
Use the contact button to get the 800 phone # . . .

http://www.irs.gov/

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