Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
I took advantage of the student loan interest credit on last year's tax return and am wondering what the cap is this year. For some reason, I believe it's $1500. Am I correct?

Also, as a teacher I am currently attending graduate school. Do I qualify for some type of refund/credit on tuition paid for grad school?

Thanks,
Dodgeball
Print the post Back To Top
No. of Recommendations: 0
I do not have the info on this years cap right now.

But I can answer the second question. You would qualify for the lifetime learning credit on the graduate school if you are enrolled for six or more credits per semester. The credit is for 20% of the first $5000 you pay for tuition, books and lab fees. General fees cannot be used.
Print the post Back To Top
No. of Recommendations: 0
<<I took advantage of the student loan interest credit on last year's tax return and am wondering what the cap is this year. For some reason, I believe it's $1500. Am I correct?>>

Yup...you sure are.

<<Also, as a teacher I am currently attending graduate school. Do I qualify for some type of refund/credit on tuition paid for grad school?>>

Potentially yes. You may qualify for the Lifetime Learning Credit. Some or all of your education expenses may also be eligible for an itemized deduction as a miscellaneous itemized deduction.

You can read more about education issues in the Taxes FAQ area. I have a number of posts on how to deal with education deductions and credits. And in my new book, we discuss these issues in great detail.

TMF Taxes
Roy
Print the post Back To Top
No. of Recommendations: 0
Roy:

Can you point me to your posts that address the Lifetime Learning Credit?

Dodgeball
Print the post Back To Top
No. of Recommendations: 1
I'm not Roy and I don't even play him on TV but here's the link to his article on the Lifetime Learning Credit:
http://www.fool.com/school/taxes/1998/taxes981023.htm

Hope this helps.

Jacki
Print the post Back To Top
No. of Recommendations: 0
<<Can you point me to your posts that address the Lifetime Learning Credit?>>

Sure...see the little red star next to the words "Taxes FAQ area"? Just click on that. If you can find that (near the top of the page), then click on
http://www.fool.com/school/taxes/taxes.htm

That'll take you right to the Taxes FAQ home page.

Hope this helps...
TMF Taxes
Roy
Print the post Back To Top
Advertisement