30 replies to this topic

[brazen]

Cosmos, I wish you the best with grad school. We are proud of you!

[tmkats]

But wait there's more! I recently found out about the educational tax benefits. I can claim up to 4k of education expenses...tuition and fees off my taxes, or claim the life-long learning credit (I think the name changed), but not both. This is looking better everyday!

I can't claim books or my new pc...oh well. But I have to pay a student fee of like $130.00; a one time fee, and then tuition...even if it is paid via student loans. I thought required books would be covered but they aren't. I would subtract my scholarship from my loan and then claim that amount. Is it that simple? I wonder if the $100.00 I paid as a down payment would also be included?

Has anyone at CB taken this deduction? Please 'splain it to me....

It applies to students that are college level courses. Depending on your situation, and how your accountant does your taxes, you should get the credit that would give you the most benefit. Most accountants and over the counter tax programs should be able to figure that out for you.

You will get a 1098-T at the end of the year that details what you paid for tuition. It will show how much your total tution was and how much you got in scholarship/financial aid monies. Net the two amounts and that is the amount that you will be able to take on your taxes (after taking into account your income levels and all that other good stuff).

[Cosmos Human]

But wait there's more! I recently found out about the educational tax benefits. I can claim up to 4k of education expenses...tuition and fees off my taxes, or claim the life-long learning credit (I think the name changed), but not both. This is looking better everyday!

I can't claim books or my new pc...oh well. But I have to pay a student fee of like $130.00; a one time fee, and then tuition...even if it is paid via student loans. I thought required books would be covered but they aren't. I would subtract my scholarship from my loan and then claim that amount. Is it that simple? I wonder if the $100.00 I paid as a down payment would also be included?

Has anyone at CB taken this deduction? Please 'splain it to me....

It applies to students that are college level courses. Depending on your situation, and how your accountant does your taxes, you should get the credit that would give you the most benefit. Most accountants and over the counter tax programs should be able to figure that out for you.

You will get a 1098-T at the end of the year that details what you paid for tuition. It will show how much your total tution was and how much you got in scholarship/financial aid monies. Net the two amounts and that is the amount that you will be able to take on your taxes (after taking into account your income levels and all that other good stuff).

This tax benefit should help me plenty. I reconfigured my withholding so I would get a larger paycheck last year. I received a 30% scholarship on my tuition for the next two years. This will help as it is $1238 a credit hour!

[Cosmos Human]

Cosmos, I wish you the best with grad school. We are proud of you!

Thanks so much!!!

[Cosmos Human]

But wait there's more! I recently found out about the educational tax benefits. I can claim up to 4k of education expenses...tuition and fees off my taxes, or claim the life-long learning credit (I think the name changed), but not both. This is looking better everyday!

I can't claim books or my new pc...oh well. But I have to pay a student fee of like $130.00; a one time fee, and then tuition...even if it is paid via student loans. I thought required books would be covered but they aren't. I would subtract my scholarship from my loan and then claim that amount. Is it that simple? I wonder if the $100.00 I paid as a down payment would also be included?

Has anyone at CB taken this deduction? Please 'splain it to me....

Why can't you claim books? In my state we could deduct anything not paid by loans as long as it was a school expense up to a certain amount. Since my books weren't covered by the student loans I could deduct them.

Next year is gonna suck for me for returns due to not getting credits for school but ah well, I can deduct the interest rate I think once I start paying again. I have to go back and read again.

Congrats again!

As far as claiming on your tax returns you will get a form at the of end January or sometime In January for the previous school year with an amount in certain boxes. I forgot what it's called now 1098t? anyway... enter the amounts it says to enter when doing your taxes according to which box. that simple. It'll ask you if you are going to school click yes and extra screen will pop up then fill in the blanks. At least that's how I've always done it with online tax software.

I have no idea why books can't be claimed, as they are necessary for the class. I wish I could have claimed the laptop. I usually do the on-line tax prep...as it walks you through each and every situation. I have always done on-line and used a 1040A, as I have no home and basically the only deduction I can take is for the student loan deduction as I am still paying off undergrad loans, I have a 4k balance. I am on current on income based repayments. When I have my new loans I will pay the interest while in school so hopefully payments won't kill me when I am done with school. I'll still apply for the income based repayments as that is probably the only way I will be able to afford the payments.

[Cosmos Human]

I wanted to give you all an update. I was able to update all my software last night. I d/l and installed Office 2010, Acrobat Adobe X Pro (I think that's the name). There are also three versions of the Adobe creative stuff...like photo shop. I have to figure out if I will need any of them. There is also a mess of other programs I don't need like scientific stuff.

Now I really feel like a student!