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Archive for the ‘Education Tax Credits’ Category

Question: do i get any kind of tax return back for being a full time student while collecting unemployment benefits?

i am currently tending college full time basis all year long in 2009 i have a 1098-T from the college. The amount billed for qualified tuition and expenses is $9,599.20. also the scholarships or grants portion on this form states $6,515.00. I am also on unemployment and have a 1099-G from them that is for $9,073.00. i didn’t have any federal withholding taken out for that . i have one dependent for which i do claim every year on my taxes. i am also filing head of household. any other details let me know i can add more info to help you let me know if i am able to receive any return back like hope tax credit or the learning tax credits & higher education tuition and fees deductions. please any information is greatly appreciated i do my taxes online on irs free file website my self i just want to know if i am doing this right when i get my return amount back thanks again!

Answer: You may be getting some back. It depends on whether or not you ever claimed the Hope Credit, if you haven’t claimed it. You may be able to get back up to 40% of your college expenses. I have to assume from your information that you probably had loans to cover the additional $3000 in tuition and expenses. You would be receiving 40% back up to $1000. It is called the American Opportunity Credit. As far as Earned Income Credit I don’t believe you are qualified for it because its not considered earned income, however because you file HOH and have a dependent you should not owe any tax and therefore should receive the whole $1000 back for qualified education expenses. You can go to any IRS free file site, the easiest that I have found and walks you through everything is www.hrblock.com.

Obama, Eagles, and Frogs

Question: I forgot to claim the education credit on my 2006 tax return, can I ammen my 2006 taxes?

this deduction may or may not result in a refund but is it worth the cost to have someone look at it?

Answer: You can amend your return up to 3 years after the original filing, so you have plenty of time. As an earlier post pointed out, however, education credits do not reduce your total tax liability below zero — so be sure the amended filing will save you more in taxes than it costs to prepare the filing (especially if you have to pay someone else to do the work).

Shape Your Financial Future With Allianz Life

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Tax Credits – Too Valuable to Overlook

Question: Education credits for 2009 for a student who graduated their fifth year?

I graduated from High School in 2004 but just graduated from college this year. Are there any credits I can file on my taxes? I got the education credit last year and the year before but from what I’ve read it’s only for the first four years of post-secondary education. Any help?

Answer: The American Opportunity Credit is an extension of the Hope Credit. The AOC can be taken four times, whereas the Hope Credit could only be taken two times.

If on 1/1/2009 you were classified as an undergraduate, and you had not completed four years of full-time undergraduate credits as defined by your institution, then you may qualify for the AOC. You also have to be attending at least half-time and not have a felony drug conviction.

The AOC is probably going to be more valuable to you than the Lifetime Learning Credit. If you do not qualify for the AOC because you were a less than half-time, you can still get the LLC.

Pappas Details Impact of Local Government Debt on Cook County Taxpayers

Cook County taxpayers are on the hook for a staggering amount of local debt, according to figures presented by Cook County Treasurer Maria Pappas today. Cook County’s numerous local governments face mounting debts totaling more than $108 billion.

American Recovery & Reinvestment Act Survey | ARRA Survey | Liberty Tax Service

Question: Higher Education Tax Credit Question?

OK…so I am a 2009 graduate from a 4 year institution. I paid for my 2009 spring semester in November 2008. My school sent my 1098-t form in January of 2009 which included that tuition payments of $6559.00 for fall 2008 and $6559.00 for my spring 2009 semester. After filing last year for both semester (total 13118.00) the federal government said I was allowed $754.00 for the education credit…this year with the Obama Higher Education Tax Credit, I would have gotten $1000.00 automatically for just the spring 2009 semester of $6559.00 and additional income back which would have totaled more than $2000.00…But because I filed previously for one semester a year ago I am only allowed about $600.00…its a weird predicament. Is it possible to amend my previous year tax return, send in the $754.00 to the IRS for the education credit and then file my 2009 portion for the one semester of $6559.00 to get back $2000.00 instead of $600.00 ??

Answer: Doesn’t work that way. You paid it in 2008, it’s not eligible to be used in 2009 for tuition credits.

Christie’s plan would allow for-profit companies to run 5 failing N.J. public schools

Gov. Chris Christie speaks in Camden about a proposal for school management organizations. / JOHN ZIOMEK/Courier-Post CAMDEN — With the enthusiastic backing of powerful South Jersey Democrats, Gov. Chris Christie Thursday announced a five-year pilot program that would allow persistently failing schools to hand oversight to private education companies.

Real Tax Cuts Making a Real Difference

Question: Will I receive a tax refund this year?

I am a nurse and I grossed $45K in 2008. My federal tax withholding was $5225 and my state withholding was $1300. I am also a full-time student. I have been receiving the Lifetime Learning Credit for the last 2 years and my educational expenses were approximately $16K. I am completely tax illiterate and I want to start learning a little more about my money. Thanks!

Answer: yes about 3600.

City leaders, think tankers suggest various causes of Detroit’s high illiteracy rate

A damning report released this month showing that nearly half of all adults in Detroit, Michigan are functionally illiterate has pundits and officials playing the blame game.

NCEA’s Lindalyn Kakadelis discusses education tax credits