quick tax question
- Thread starter latazyo
- Start date
DrBDC
Active member
?? Just plug it in when it asks for it on turbo tax. If it doesn't ask, then use the search engine on the program and it will find it. If you're a paper submitter then go to irs.gov and search for it.
Qualified tuition payment would be a deduction not an income. Just not sure how it's treated in the formula. Most likely it ends up coming off the top and reducing your net income. All I get anymore is qualified student loan interest paid. They didn't have the tuition tax deductions when I went to school. Since they have it now, I wish they'd give it to me. It's still tuition, just paid later.
Qualified tuition payment would be a deduction not an income. Just not sure how it's treated in the formula. Most likely it ends up coming off the top and reducing your net income. All I get anymore is qualified student loan interest paid. They didn't have the tuition tax deductions when I went to school. Since they have it now, I wish they'd give it to me. It's still tuition, just paid later.
If you are a freshman or sophomore, you can take the Hope credit as opposed to the Lifetime Learning Credit or the Tuition and Fees Deduction. (The above is assuming you aren't claimed as a dependant on your parents return).
If you are a junior or senior, you are going to be more interested in using the Lifetime Learning Credit over the Tuition and Fees Deduction about 99% of the time.
Credits come off of your taxes dollar for dollar. Deductions come off of your taxes at the amount of the deduction X your marginal tax rate. That's why credits are best.
Don't trust Turbotax to do this correctly for you. I've probably amended 50 returns where the student or parent didn't use the best credit/deduction or where 6 months later, they get a letter in the mail saying they've done it wrong.
If you are a junior or senior, you are going to be more interested in using the Lifetime Learning Credit over the Tuition and Fees Deduction about 99% of the time.
Credits come off of your taxes dollar for dollar. Deductions come off of your taxes at the amount of the deduction X your marginal tax rate. That's why credits are best.
Don't trust Turbotax to do this correctly for you. I've probably amended 50 returns where the student or parent didn't use the best credit/deduction or where 6 months later, they get a letter in the mail saying they've done it wrong.
Then make sure you go for the Lifetime Learning Credit and also do a return using the Tuition and Fees Deduction. Use whichever one nets you the best tax benefits. (Yes, it is legal to use whichever one saves you the most taxes).
EDIT: If this is the first year that you received a 1098T, therefore being the first time you've applied for any of the credits, you need to find out how much you've paid in qualified tuition for 2004 and 2005 and file amended returns to get additional refunds. On April 15th, you are going to lose the ability to get a refund for the 3rd year back.
EDIT: If this is the first year that you received a 1098T, therefore being the first time you've applied for any of the credits, you need to find out how much you've paid in qualified tuition for 2004 and 2005 and file amended returns to get additional refunds. On April 15th, you are going to lose the ability to get a refund for the 3rd year back.
Last edited:
That stinks...you lost your Hope Credit for 2001 and 2002 and your Lifetime Learning Credit for 2003.
However, take care of the Lifetime Learning Credit for 2004 ASAP because, like I said, after April 15th, that one's gone too. When you owe THEM money, there's no time limit. When they owe YOU, you only get 3 years.
However, take care of the Lifetime Learning Credit for 2004 ASAP because, like I said, after April 15th, that one's gone too. When you owe THEM money, there's no time limit. When they owe YOU, you only get 3 years.
latazyo
New member
2 things:
1. I dont have the old 1098Ts anymore...is that oK?
2. this is the first year that my dad isnt claiming me as dependent...so maybe he used the 1098Ts for his own return...is that something he could have/would have done? he actually goes to an accountant, not online like I do, so if he had the 1098s Im sure the accountant would have let him know
edit
I just read y our first post about not being a dependent...this is my first year of filing INdependent...so I guess Ive lost nothing, but I should start going for the credits now then......right?
1. I dont have the old 1098Ts anymore...is that oK?
2. this is the first year that my dad isnt claiming me as dependent...so maybe he used the 1098Ts for his own return...is that something he could have/would have done? he actually goes to an accountant, not online like I do, so if he had the 1098s Im sure the accountant would have let him know
edit
I just read y our first post about not being a dependent...this is my first year of filing INdependent...so I guess Ive lost nothing, but I should start going for the credits now then......right?
If they were paying the tuition, their accountant probably did in your name on their return. That's the way it works....whomever gets the exemption gets the credit. (Even if there was a student loan that was in your name).
Definitely go for the credits now since you are no longer a dependent.
latazyo
New member
ok, so I went for the credits and since my incom ewas so low they didnt apply anyways...no bigt deal, since IM a full time student I barely work anyways, so its no big deal (were talking UNDER 2000 taxed income/year)
anyways, since I moved out of North Dakota this year I have run into a problem
tax cut (H&Rs software) doesnt support a partial resident form for ND and tells me I have to go to the store to finish....
is it really that big of a deal if I just put that I was a year long resident and file it like that?
I only had income in ND and didnt work in MO at all
the reason is this H&R block online $39.99
in store $79.99 federal + $24.99 state
sooo...will I get into trouble if I just file a ND resident return?
anyways, since I moved out of North Dakota this year I have run into a problem
tax cut (H&Rs software) doesnt support a partial resident form for ND and tells me I have to go to the store to finish....
is it really that big of a deal if I just put that I was a year long resident and file it like that?
I only had income in ND and didnt work in MO at all
the reason is this H&R block online $39.99
in store $79.99 federal + $24.99 state
sooo...will I get into trouble if I just file a ND resident return?
Similar threads
