Message Font: Serif | Sans-Serif
No. of Recommendations: 0

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!

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.