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Posted by Sallymae on February 5, 2008, 4:37 pm
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For part of last year, I was a full time graduate student while my
husband was a full time worker. To help with tuition and the bills, I
used some student loans to pay for my education and part of the bills.
In my student statements, part of the total tuition charges included a
check, which is a portion of my student loans, for my personal
expenses (partly related to school i.e. bills, books, etc.). Do I
include or exclude this from my calculations for education deductions?
Thank you!
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Posted by Paul Thomas, CPA on February 5, 2008, 6:26 pm
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> For part of last year, I was a full time graduate student while my
> husband was a full time worker. To help with tuition and the bills, I
> used some student loans to pay for my education and part of the bills.
>
> In my student statements, part of the total tuition charges included a
> check, which is a portion of my student loans, for my personal
> expenses (partly related to school i.e. bills, books, etc.). Do I
> include or exclude this from my calculations for education deductions?
Any and all education deductions are based on how much you ~~paid~~ for the
education. So your personal expenses don't play into the credits. The
school should have sent a 1098T that reports your qualified educational
expenses. It will not be inclusive of your personal expenses.
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< 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 5, 2008, 7:12 pm
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> In my student statements, part of the total tuition charges included a
> check, which is a portion of my student loans, for my personal
> expenses (partly related to school i.e. bills, books, etc.). Do I
> include or exclude this from my calculations for education deductions?
Generally, only tuition is deductible, although books may be if they
are required for enrollment and paid to the school. Note that medical
expenses still don't qualify.
http://www.irs.gov/publications/p970/ch06.html#d0e5975
Related expenses. Student-activity fees and expenses for course-
related books, supplies, and equipment are included in qualified
education expenses only if the fees and expenses must be paid to the
institution as a condition of enrollment or attendance.
You should also consider the Lifetime credit, which gives you up to
$2,000. By contrast, the student loan deduction may be worth a
maximum of about 28% of 4000, or $1,120. Your software or tax
preparer shouild tell you the best route as well as the exact numbers,
and the effect on state tax.
--
<< ------------------------------------------------------- >>
<< 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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