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Archive for the ‘Education Tax Credits’ Category

Question: 1040 Education Credit?

It looks like my girlfriend qualifies as a dependent – I paid for most of her education expenses (she is enrolled in a 2 year program at a local college) in 2009 – is there any reason I dont qualify for the education (American Opportunity) tax credit? She is a foreign student. Thanks
Not sure why she would be considered a non-resident for tax purposes, she is a resident in every other sense, and is required to file like any other resident – can someone explain?

Answer: Just cause u paid for her classes doesnt make her dependent, she should file independent. For school/tuition ONLY use the “American Opportunity Credit” form 8863. it doesn’t matter if shes foreign, it only matters what was PAID TO THE SCHOOL. The school should have sent a statement back at the beginning of this year. use this for the tuition expenses and make sure u claim it on the 8863 form. I had problems and went to the IRS and they did mine. Happy tax filing!!

Ontario’s Chartered Accountants Offer Tax Tips for Students

CAs’ Advice Designed to Help Students Save Money, Make Money

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J.K. Lasser’s 1001 Deductions and Tax Breaks 2011: Your Complete Guide to Everything Deductible $19.95 A straightforward guide to taking tax breaks and deductionsCompletely revised to reflect important changes in this year’s tax laws, J.K. Lasser’s 1001 Deductions & Tax Breaks 2011 will help you take advantage of every tax break and deduction you may be entitled to.This comprehensive guide is clearly organized by subject matter so you can easily find situations that may apply to you. Each tax benef…

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Tax Breaks for Your Education Expenses

Question: Can a computer be a qualified expense for any Education Tax Credit?

Answer: No only for the American Opportunity Credit and for that credit it depends on the facts

From IRS
Q5. Does an expenditure for a computer qualify for the American opportunity tax credit?
A. Whether an expenditure for a computer qualifies for the credit depends on the facts. An expenditure for a computer would qualify for the credit if the computer is needed as a condition of enrollment or attendance at the educational institution.

http://www.irs.gov/newsroom/article/0,,id=211309,00.html

For the American Opportunity Credit only-
The term “qualified tuition and related expenses” has been expanded to include expenditures for “course materials.” For this purpose, the term “course materials” means books, supplies and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.

Sonic Foundry Reports Third Quarter 2010 Results

MADISON, Wis., Aug. 3 /PRNewswire-FirstCall/ — Sonic Foundry, Inc. (Nasdaq: SOFO), the recognized market leader for rich media webcasting and knowledge management, today announced financial results for its fiscal 2010 third quarter. Results include: Revenues of $5.6 million, a 12 percent increase from fiscal Q3 2009 revenues of $5.0 million, driven by growing demand for Mediasite RecordersGAAP …

Recovery: Education Credits – Students – September 2009

Question: The American Recovery and Reinvestment Act states that students get a tax credit up to $2,500….?

It states that up to 40 percent ($1,000) is refundable, and can be received as a credit in the form of a rebate if you do not owe on your taxes. Does this mean that if I pay college tuition I should get at least $1,000 back at the end of the year?

Answer: This replaces the Hope credit and is possible for 4 years of school.

1. Spend $4000 on undergraduate tuition Get a $2500 credit. You use it first to pay taxes, but if you don’t owe tax, up to $1000 can be refunded anyway. Books may or may not be counted (save your receipts).

The calculation is 100% of the first $2000 and 25% of next $2000.

2. The school must be eligible.

3. The credit goes on the same tax return as the exemption. If you are a student subject to kiddie tax, you will NOT be eligible.

4. Income must be less than the cutoff. $80K for singles. $160K for MFJ.

With eye on future, Obion County native reflects on past

By GLENDA CAUDLE Special Features Editor “What has changed is the immediacy of the thing. We must do something right now in Washington and the first thing I will do is cut spending — 10 percent cuts across the board in every program and agency.”

The Student Loan Scam: The Most Oppressive Debt in U.S. History – and How We Can Fight Back $22.95 Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.High school graduates can no longer put themselves thr…

Considerations when using education credits.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on January 1, 2000. The length of the article is 4028 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTit…

[Financial] reality bytes: New tax relief for recent graduates and parents of college students : at www. creditcardnation. com …

Obama Proposes Tax Credit for College Tuition

Question: if i started college in december but got loan in jan does that count for 2009 or 2010 taxes?

i started university of phoenix in december and applied for loans at that time but didnt get the funds till jan 12 to pay for classes starting in december does this count for taxes this year or next year? can i use the hope tax credit for this?

Answer: I would say that would be 2010 taxes, you didn’t actually get your money until January 2010.

In ailing Nevada, Obama bets on his economic strategy

The president tries to help Senate majority leader Harry Reid convince the state’s restive voters that he deserves reelection. President Obama wrapped up a two-day sales pitch for his administration’s economic policies by pushing for a $5-billion expansion of tax credits for clean-energy manufacturing, an industry that recession-worn Nevada has clung to as a potential lifeline.

Recovery: Education Tax Credit-Claim It-Students – Jan 2010

Question: I had to file an amend to my taxes for this year because of the education credits not being allowed to be?

claimed until the 11th. How soon will i expect to get my refund? I know I get one, but I needed what money I could get earlier so I have to file an amend to get the rest. I have heard that it can take up to 10 months, but what is it realistically?

Answer: In a normal year, amended returns take 8-12 weeks.

This will not be a normal year due to 13.5 million people who just couldn’t wait for the software to be updated.

Please realize that the IRS cannot help you with the 1040X on the phone. If your income is low, you can go in person to an assistance center.

Legislation, if signed, will close doors to Internet cafes

Many lawmakers say sweepstakes games at these cafes is gambling

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J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $12.39 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

Recovery: Education Tax Credit-Claim It-Parents January 10