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~*Tahani*~*
01-31-2005, 03:42 PM
I got a letter in the mail the other day about a tax credit for my tuition for school. Anyone know about this or how it works? Any info would be appreciated. :wub:

-T

gigglezk
01-31-2005, 03:46 PM
take it with you when you go to file your taxes. you basically get some of the money you paid for tuition back. i believe its called the hope credit. you can always look on h&r block's website. they have some info on it.

SouthernShorty
01-31-2005, 03:46 PM
IRS (http://www.irs.gov/faqs/faq-kw52.html), directly from the source.

bluvember
01-31-2005, 09:31 PM
Hopefully you don't just trash your reciepts after you pay for school. Gather the ones from the 2004 semesters and take them to your tax professional. You should basically be reimbursed for your expenses totaled for the year. I think they only let you claim the first 2 years though. But something is better than nothing. :dunno:

~*Tahani*~*
02-01-2005, 07:28 AM
Thanks for the link..i looked and I don't qualify because i'm married, even though i'm filing jointly. The sad part is, i'm in the middle of a divorce and ex-husband-to-be just won't file the separation papers, and i'm so busy with school (not to mention BROKE) that I don;t have time to go down to the court house to file them myself. It's frustrating. I can't qualify for anything while I'm still married to him, because he makes too much. *sigh* :dunno: why me :dunno:

-Ani

cmsheart
02-01-2005, 04:48 PM
PLEASE DON'T BE DISCOURAGED!! AND DON'T BE DISCOURAGED.

Which form are you filing? You can take the tuition reduction to reduce your AGI and boost your return

PM me for more info I can guide you

cmsheart

EarthyDiva
02-01-2005, 10:46 PM
The only way that you wouldn't get it is if you are married filing sep. If you are married filing jointly you should get at least the Lifetime Learning Credit if not the Hope Credit. It may be reduced if you make a certain amt but you would still get it. There is a seperate Tuition and fees credit you should also look into. Call the IRS now and get free advice. The number is in the link below.

http://www.irs.gov/publications/p970/ar01.html

it sounds like you are going through a lot right now. Sorry. :smil3f9cf915b71bf:

It may be worth it to invest in HR Block to make sure you get all the $ coming to you. Also less drama.

HTH,
ED

footsiee
02-02-2005, 08:13 PM
I don't have tax advice, but keep your head up sweetie :hug:

cmsheart
02-02-2005, 08:18 PM
H&R Block is going to charge a leg and an arm for some simplistic advice on what do ... stay away! Uh and yes, I have worked for them but sista to sista don't pay the FEES!!!

Also (sorry to hate EarthyDiva), but if you file separate from your husband it reduces option of credits that you can take not only that but you are actually penalized for filing separately... just look at the deduction.

cmsheart :afro:

~*Tahani*~*
02-02-2005, 08:27 PM
Originally posted by cmsheart@Feb 2 2005, 10:18 PM
H&R Block is going to charge a leg and an arm for some simplistic advice on what do ... stay away! Uh and yes, I have worked for them but sista to sista don't pay the FEES!!!

Also (sorry to hate EarthyDiva), but if you file separate from your husband it reduces option of credits that you can take not only that but you are actually penalized for filing separately... just look at the deduction.

cmsheart :afro:

700301



A friend in one of my classes works for H&R an he said he would do my taxes for free. So we will see what we can do as far as how i should file and getting my credit if i can.

I guess things can only get better...at least i hope so. ;)

*~*Ani

cmsheart
02-03-2005, 12:56 AM
Cool beans, at least he is providing a hook up :smil3f72836ee752e:

That is actually great for him to help you out. Now make sure you explore all options and pick his brain as to what you can do to boost your return! All the best mamacita

cmsheart

EarthyDiva
02-04-2005, 12:35 AM
Tahani - I'm glad you are getting help. I suggested an outside party to reduce the drama that might occur given your current marital situation. I've known folks in your type of situation who didn't get all the $ coming to them b/c everything wasn't on the table or some info was not divulged. Having a 3rd party expert can help to limit that cb/c they hopefully know all the questions to ask.

cmsheart - no hate. I think we're saying the same thing better options filing jointly right? the more info the better!


ED

rzashida
02-10-2005, 01:31 AM
Don't forget to write off the interest of your student loans and keep all school receipts including your books.

hunneme77
02-10-2005, 12:48 PM
I also recieved a similar form ( I think 1098)...BUT if your income is over a certain amount IRS says........NOPE SUCKA!

I mean you can't claim it.

Oh well. :(

elleebeme5
02-12-2005, 03:22 PM
At a certain income level, the IRS will do your taxes for free. I liked going to them cause I knew they knew for sure. I got back the same couple of hundred I usually get (tip: you really should get back more than $200)

bluvember
01-13-2006, 11:29 PM
Just found this article, it may help someone out.

Tax Savings for Higher Education (http://www.back2college.com/taxcode.htm)

TNAlex75
01-19-2006, 07:25 PM
Take the information with you when you file taxes. You are eligible to get something back, sometimes all of your tuition. Your tax professional can help you with this. It has helped me a lot when I file.

Debonaire
10-11-2008, 09:33 PM
Bumping because I went through my entire college career without knowing about ANY of this because my parents were using a uneducated tax accountant that was/is a family friend :( .

There is the Hope Credit and Lifetime Learning Credit that people should research.