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Posted by Jonathan Kamens on February 26, 2008, 3:27 pm
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My mother-in-law, who works as a financial aid counselor for a
non-profit, claims that private elementary school tuition is eligible
for the Hope credit.
My reading of Publication 970 would seem to suggest to me that this is
not the case, i.e., that the Hope and Lifetime Learning credits are
available only for post-secondary education.
Who's right?
On the other hand, it appears that I could open a Coverdell ESA and use
the funds from it to pay for elementary school tuition, but seeing as
how I don't exactly have any extra cash lying around and would thus
have to borrow the money and pay interest on it, that would seem to
defeat the purpose and probably not be worth the effort. With suitably
creative investment strategies, I imagine that I could make a higher
rate of return in the ESA than I'd be paying in loan interest, but it'd
be a lot of work and a lot of risk.
Thanks.
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Posted by Phil Marti on February 26, 2008, 4:36 pm
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"Jonathan Kamens" wrote:
> My mother-in-law, who works as a financial aid counselor for a
> non-profit, claims that private elementary school tuition is eligible
> for the Hope credit.
>
> My reading of Publication 970 would seem to suggest to me that this is
> not the case, i.e., that the Hope and Lifetime Learning credits are
> available only for post-secondary education.
>
> Who's right?
You are, but you may not want to share that information with your MIL.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Paul Thomas, CPA on February 26, 2008, 5:27 pm
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> My mother-in-law, who works as a financial aid counselor for a
> non-profit, claims that private elementary school tuition is eligible
> for the Hope credit.
Ummmm......no.
See below.......
> My reading of Publication 970 would seem to suggest to me that this is
> not the case, i.e., that the Hope and Lifetime Learning credits are
> available only for post-secondary education.
>
> Who's right?
Pub 970 of course.
> On the other hand, it appears that I could open a Coverdell ESA and use
> the funds from it to pay for elementary school tuition,
People often get confused about lots of things. Maybe this is one case
where she mis-remembered something.
--
Paul A. Thomas, CPA
Athens, Georgia
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on February 27, 2008, 8:14 am
Please log in for more thread options On Feb 26, 12:27 pm, j...@kamens.brookline.ma.us (Jonathan Kamens)
wrote:
> I don't exactly have any extra cash lying around
Most of us will be getting a stimulus check soon. You can use that
for education expenses. FYI, the link to the publication is
http://www.irs.gov/publications/p970/
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Jonathan Kamens on February 27, 2008, 9:16 am
Please log in for more thread options >Most of us will be getting a stimulus check soon. You can use that
>for education expenses.
That would be nice, but I will instead be using that to pay
off part of the home equity line balance I am already carrying.
(This has stopped being about taxes and started being about
the challenge of putting five children through private school,
and hence this particular sub-thread should probably end here.)
--
Help stop the genocide in Darfur!
http://www.genocideintervention.net/
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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