This is for all the Students out there....

[MrPoopyButthole]

Its tax time!

And I want to make sure some of the Students here are making sure they get what they deserve, I did the Hope Credit last year, but this year will be doing the Lifetime Education Credit. Its pretty simple, if you went to school with loans, you are eligible.*

*I am in no way responsible for you getting audited if you don't read.

This is the last year for the Hope Credit.

Education Credits - Hope and Lifetime Learning Tax Credits

here is the form number and how it calculates what you get back.

About.com: http://www.irs.gov/pub/irs-pdf/f8863.pdf

Enjoy!

 

[Sandman]

Good to hear students can get money back. I'm fortunate enough to have my school paid by my parents.

 

[MrPoopyButthole]

Do they declare you dependant upon them? If so, let them know they can get (up to) $2,000 back for doing that.

If not, its your (up to) $2,000

I should have mentioned that, you claim the amount you pay MINUS Scholarships and Grants. Than for either one you get 25% of that or 20% of that up to a certain amount which ever comes first

 

[whitehead]

Air Force is paying for all my school baby :th_thumbsup-wink:
Going to college first and then straight into the Air Force or Army havent decided yet as an officer. :th_laugh-lol2:

 

[jmoore4294]

I just started school this fall semester and am paying with a student loan, but I'm a bit worried about this part.

You can claim the Lifetime Learning Credit on your tax return if you, your spouse, or your dependents are enrolled at an eligible educational institution and you were responsible for paying college expenses.

Qualifying expenses include amounts paid for tuition and any required fees (such as registration and student body fees). Qualifying expenses do not include any of the following: books, supplies, equipment, room and board, insurance, student health fees, transportation, or living expenses.

Does that mean that qualifying expenses had to come out of my pocket, or would that include tuition paid from the student loan?

 

[Sandman]

Do they declare you dependant upon them? If so, let them know they can get (up to) $2,000 back for doing that.

If not, its your (up to) $2,000

I should have mentioned that, you claim the amount you pay MINUS Scholarships and Grants. Than for either one you get 25% of that or 20% of that up to a certain amount which ever comes first

They are, believe me my dad will get about anything back he can. They already get money back that they spend on me and my sister for school.

 

[MrPoopyButthole]

I just started school this fall semester and am paying with a student loan, but I'm a bit worried about this part.



Does that mean that qualifying expenses had to come out of my pocket, or would that include tuition paid from the student loan?

You should read what I said in my first post...

I said if you used STUDENT LOANS, you are ELIGIBLE.

So its just your Tuition - scholarships - grants. You are responsible for paying for it with loans, cause you will be paying for it some time in the future.