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The link below is to a publication the explains the many sides of this. Generally, unless the degree being pursued is required as part of a profession your already a part of, tuition isn't deductible. However, there are many credits (not dedcutions) that are in most any case. http://www.irs.gov/pub/irs-pdf/p970.pdf
What else can I help you with?
What is form 8917 used for?
Form 8917 is used for Tuition and Fees Deduction for many college students. You can read more at www.docstoc.com › Tax › Tax Forms Tax Form 8917 is for college students for tuition and fee's deduction. The form can be printed directly from the IRS website or mailed to you.
Can you get a tax deduction for a donation to a college?
no, no you cant
Who should claim the tuition expenses for a 17-year-old who is filing Single and being claimed as a dependent on the parents' tax return?
If your parents are claiming you as a dependent, then they're the only ones who can claim a deduction for tuition expenses. If they don't claim that deduction, then neither you nor anyone else can claim it because of your status as a dependent claimed on someone else's return.There are two options for deducting tuition expenses, and the person claiming the deduction should choose the one that gives the lower tax. One, Form 8917 (Tuition and Fees Deduction) is attached to your tax return (1040 or 1040A). The deduction on line 6 of Form 8917 is then entered on line 19 of the Adjusted Gross Income Section of 1040/1040A. Two, Form 8863 (Education Credits Hope and Lifetime Learning Credits) is attached to your return. The deduction is then entered on line 31 of 1040A or line 49 of 1040.
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
Is there a medicare tax deduction?
No
What is form 8917 used for?
Form 8917 is used for Tuition and Fees Deduction for many college students. You can read more at www.docstoc.com › Tax › Tax Forms Tax Form 8917 is for college students for tuition and fee's deduction. The form can be printed directly from the IRS website or mailed to you.
What is the difference between the lifetime learning credit and the tuition and fees deduction when it comes to educational expenses?
The main difference between the lifetime learning credit and the tuition and fees deduction is how they reduce your tax bill. The lifetime learning credit directly reduces the amount of tax you owe, while the tuition and fees deduction reduces your taxable income. This means the lifetime learning credit can potentially provide a greater tax benefit than the tuition and fees deduction.
Can you get a tax deduction for a donation to a college?
no, no you cant
Can grandparents receive a tax deduction for contributing to college expenses?
No, grandparents cannot receive a tax deduction for contributing to college expenses unless they are the legal guardians of the student.
Should parents sign the student loan so they can take the IRS tuition tax deduction or should the student defer payment until after graduation when they can use the deduction?
For most parentsTax benefits for college education can be deducted only in the amount of the tuition and fees paid, not for loan money used for room and board and most cases not for books. If the student has government grants and scholarships that pay part or all of the tuition, these funds have to be used for tuition. Then the amount available for tax rebate is only what is left from the tuition bill and the other 2/3 of the loan goes for room, board and living expenses which have no tax rebate.
Deduct for College Tuition?
Many parents dread the tax season. They find out how much they owe in taxes and can become quite upset at the amount. Owing money in taxes is quite the drag. One way to eliminate high tax expenses is for parents to pay for the tuition of their children. If parents foot the bill for tuition expenses, then they are able to qualify for a $4,000 deduction on their taxes. This can be a great incentive for parents to pay for the education of their children. However, parents are unable to claim more than $4,000 in tax deductions for paying tuition expenses.
Who should claim the tuition expenses for a 17-year-old who is filing Single and being claimed as a dependent on the parents' tax return?
If your parents are claiming you as a dependent, then they're the only ones who can claim a deduction for tuition expenses. If they don't claim that deduction, then neither you nor anyone else can claim it because of your status as a dependent claimed on someone else's return.There are two options for deducting tuition expenses, and the person claiming the deduction should choose the one that gives the lower tax. One, Form 8917 (Tuition and Fees Deduction) is attached to your tax return (1040 or 1040A). The deduction on line 6 of Form 8917 is then entered on line 19 of the Adjusted Gross Income Section of 1040/1040A. Two, Form 8863 (Education Credits Hope and Lifetime Learning Credits) is attached to your return. The deduction is then entered on line 31 of 1040A or line 49 of 1040.
Which college expenses are tax deductible?
There are a few college expenses that are tax deductible. Tuition up to $4,000 can be deducted. Speak with an accountant for more details.
In what instance would I file a form 8917 ?
All of the different tax forms can be complicated. Form 8917 is used if you plan to take a deduction for tuition.
Is a rainbow vacuum a medical tax deduction?
No, a rainbow vacuum is not a medical tax deduction.
Is college tuition free in the united kingdom?
It depends by college. But most are not free.
What is the standard deduction for a child on my tax return?
The standard deduction for a child on your tax return is 1,100 for the 2021 tax year.
