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Author: joycets Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Higher Education Tax Help Inquiry Date: 1/8/2011 5:50 AM
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Dear Tax Specialists and fans of this list:

I'd like a little insight on the latest things that can be done with tax deductions and/or credits for Higher Education. I've only gone to school part time (one course per term, Spring Sum and Fall 2010) but I did pay for my Spring 2011 course this year (2010) also.

At a low income this might still help me somehow with the current rules.
In my case I have a BS degree,(no pell grant availablity) but feel free to share rules for those who may have other situations for the learning of all. Thanks in advance.

joycets
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111897 of 121061
Subject: Re: Higher Education Tax Help Inquiry Date: 1/8/2011 6:44 AM
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I'd like a little insight on the latest things that can be done with tax deductions and/or credits for Higher Education. I've only gone to school part time (one course per term, Spring Sum and Fall 2010) but I did pay for my Spring 2011 course this year (2010) also.

Check out both the tuition/fees deduction and Lifetime Learning Credit in IRS Publication 970. The deduction was extended through 2011 in the December last-minute legislation.

Phil
Rule Your Retirement Home Fool

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Author: joycets Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111904 of 121061
Subject: Re: Higher Education Tax Help Inquiry Date: 1/9/2011 6:12 AM
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Now isn't there more than one thing involved here? I guess you did mention two. I hesitate to look at the
(ahem)IRS PUBLICATIONS because they are so clear and easy to read, but I guess I have time to look it up this morning.


joycets

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Author: joycets Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111905 of 121061
Subject: Re: Higher Education Tax Help Inquiry Date: 1/9/2011 6:43 AM
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The Short answer:

If you are going to school part time (less than half) you can take the lifelong learning credit or tuition & fees deduction. Someone with a degree can't take the Hope or American opportunity (I think?) credits, nor a person taking only one class at a time.

Of all the stuff on that form this is all I needed to know. There is a lot of info about Loans and Coverdell savings plans and other things I'm uninvolved in. Okay, now to wait for the 1098 from the College.

joycets, appreciating the help.

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111906 of 121061
Subject: Re: Higher Education Tax Help Inquiry Date: 1/9/2011 7:27 AM
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Of all the stuff on that form this is all I needed to know.

No, it isn't. You've restated what I told you in the first place. In the time it took you to look at the requirements for credits you don't qualify for you could have looked at the specific provisions and limitations for the two you do qualify for.

As for the 1098, you don't need it. Work from your own records. The only thing useful on the 1098 is the half-time designation.

Phil
Rule Your Retirement Home Fool

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Author: BruceCM Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111907 of 121061
Subject: Re: Higher Education Tax Help Inquiry Date: 1/9/2011 3:02 PM
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I hesitate to look at the
(ahem)IRS PUBLICATIONS because they are so clear and easy to read...


I assume you're being facetious.

I'm going to give away my age a bit here, but it wasn't that long ago that the IRS pubs were really useless. The Pub would typically state some tax rule with little or no elaboration, and then spend paragraph after paragraph talking about some obscure aspect of that tax law, probably relating to some obscure tax law cases that had just been ruled on. Undoubtably this was important to the IRS, but was of no value or interest to 99.9% of taxpayers. It was infuriating.

IRS Pubs are a world better today.

Now, the IRS needs to work on their on-line search engine for their web site, which I rarely use as the 'hits' I get in response to a tax topic I query are usually about as useful as the old IRS Pubs.

BruceM

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