The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Lifetime Learning Credit||Date: 10/19/2001 2:11 AM|
|Author: dengdeng||Number: 54697 of 122562|
I have another question. I have about $5,000 left to pay for the year and I have no hopes of doing so- the area I'm in is very economically depressed and I am not paid much. My school fin. aid office has been no help. I asked about the Lifetime Learning Credit because I heard I might be eligible for it. Last year I was an independent on taxes, didn't PAY taxes, but got a $600 refund. When it came to the $300 rebate, I was told I was eligible for nothing (my income for the year was less than $6000, but I figured I would at least get a reduced amount). Now I'm just trying to figure out if there are ways I can offset the cost of my remaining tuition and make it though this year of school without taking out more (or more than a tiny amount more) private loans. My parents did end up hurting last year because I was an independent, and I didn't seem to benefit, either ( although I guess we were honest, cause they don't pay any of my tuition expenses).
My questions are: What should we do this year for taxes? Would I be eligible for a Lifetime Learning Credit or anything else? Or should my parents clain me- and then would they get some money back they could then give to me? If they can get money this year, can they amend the taxes last year to make me a dependent? I am totally clueless, and any advice is appreciated.
I just want to get through this year....I am entering scholarship contests, working hard, but there are still no guarantees...
Thank you guys. This discussion board has helped me a lot so far!
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