2007-10-31 05:22:07 · 5 answers · asked by smartsid 1 in Business & Finance ➔ Taxes ➔ United States
You may be able to take advantage of an educational tax credit or deduction. See the link below for more info.
If you are already paying loans you may also be able to deduct the interest on your tax return.
If you took money out of an IRA you may be able to avoid penalties for early withdrawal if you used the money to pay for school; however, you can't also take the education credit/deduction.
If you cashed in savings bonds you may be able to exclude the interest from income if you used them to pay for school (depends on certain factors & you can't also take the credit/deduction).
If you are working and must take the classes as a condition of employment, but the education won't qualify you for a different job, you may be able to deduct the expenses as a business expense.
http://www.irs.gov/pub/irs-pdf/p970.pdf
Ch. 2, 4, 6, 9 and 10
2007-10-31 06:34:20 · answer #1 · answered by Dee 4 · 1⤊ 0⤋
If you have a tax liability and are not a depend ant you could qualify for the Life Time Learning Credit or the Tuition and Fees deduction. You might be able to claim education expenses as a misc deduction if it is for you current profession.
You can only pick 1 of these options, do you return all 3 ways to see what works best for you.
2007-10-31 13:33:21 · answer #2 · answered by Charlie & Angie G 4 · 0⤊ 0⤋
You can very likely get a Lifetime Learning tax credit for a portion of your tuition and fees (not books, supplies or your laptop).
2007-10-31 14:14:32 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
once you graduate and get a job. interest on loan is tax deductible. if you were working. the cost would be deductible
2007-10-31 05:31:05 · answer #4 · answered by Ralph N 5 · 0⤊ 3⤋
Is this a joke?
2007-10-31 05:29:51 · answer #5 · answered by Petwanel 3 · 0⤊ 2⤋