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Financial Planning / Tax Strategies
|Subject: Question: Taxes & Grad School||Date: 6/24/2001 5:01 PM|
|Author: milleniumfalcon||Number: 52043 of 122638|
Hi all -
Here's the situation as it stands. I work for Saint Louis University in (where else?) - Saint Louis. I am currently taking undergraduate classes in the College of Arts & Sciences in Communications. I have about 12 credits to go.
I already have bachelors degrees in philosophy. I am taking some three hunded level courses in communications so that I can get into the graduate program, my main interests being technology and communication. (How'd ya like to be part of a Thesis TMF?! LOL)
Currently my workplace pays for 100% of my undergraduate coursework. They will also pay for my graduate classes. My understanding is that under current tax law, I will have to pay for the taxes on my graduate school courses as they count as part of my income. In fact, at SLU the whole tax burden comes out of three successive checks. (OUCH!!)
I have heard the GWB has changed or is changing that tax law regarding grad schools. If true how has it changed? What kind of tax break is it, if there is one...and how much is it? When does it go into effect, and when does it end?
I know I am asking prematurely since I don't plan on being it Gead School til next year, but being prepared is always a part of being successful.
Waiting with bated breath for knowlegable replies.
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