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Posted by removeps-groups@yahoo.com on August 4, 2008, 9:21 am
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> My question is if I had paid for a college class which was about $400
> or almost this amount in tuition and paid for a book that was about
> $80 ... is there a tax credit or deduction that I could use to grant
> me the ability to pay less taxes.
Did you receive a 1099-T from the institution? If you took the course
this year, you should receive this 1099-T early next year. So you can
ask the institution if they are qualified and issue a 1099-T.
Were you required to purchase the $80 book from the university as a
condition of your enrollment? If no, then the book is not deductible.
> I read something about a Hope Tax Credit or a Lifetime Learning
> Credit ... What do these apply to? Could I use one of these? If I
> can get a deduction or use a tax credit for this...which form would
> apply to this?
Hope credit is only for the first two years of college, and may
sometimes be more than the lifetime learning credit. The lifetime
learning credit is 20% of qualified expenses, up to a maximum amount.
There's also the tuition and fees deduction. A good computer program
or tax preparer will figure out the best choice for you. All of these
credits/deductions get phased out if your income is too high. The
tuition and fees deduction vanishes as your AGI passes certain income
levels -- ie. it does not phase out gradually.
The source is
http://www.irs.gov/publications/p970/
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