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Subject Author Date
Tuition expenses deduction, 1099 viper 04-03-2007
Posted by viper on April 3, 2007, 7:42 pm
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 Currently I am working part time and going to school
fulltime. My tuition bill for this year was $42000.

I allocated $10000 of these towards my hope credit.

My employer had promised to refund me $5,250 of tuition
expenses under work fringe benefits. However at the end of
the year they mailed me a 1099-MISC with $5,250 under
non-employee compensation.

My questions:

1) Can I deduct my tuition expenses against these $5,250
in 1099 income.
2) In what for would I enter this deduction - will I be
forced to treat this as business income
3) Bottomline - would I have to pay any taxes on this $5,250?

I got this form late in March so really pushing against the
tax deadline. Any help would be greatly appreciated.

thanks

viper

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Posted by okietax on April 12, 2007, 12:44 am
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 I would do it. Enter the 1099 non employee compensation on
a schedule C and put the education expenses on the same
sched C. If these tuition expenses bettered your education
in your field of employment, makes sense to me. It does not
seem right to me to be taxed on income such as this. They
should have called it other income, not non employee
compensation subject to SE.

<< ------------------------------------------------------- >>
<< 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 (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>

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