The Federal Tax Credits Blog

Posts Tagged ‘education’

Question: Are you looking for a hand out – how will he do it?

OK lets see:
you are gonna get a gov health care
Stimulus rebates 2 times a year
double the eic (EIC Tax Credit) OH..I am sure you already know what that is don’t ya ?
tax cuts for 95% of the country..
SO what are we going to cut ?
armour for the troops ?
Education for the kids
Medicare for seniors
disability
What What WHat is gonna give.
Just who – please tell me who is going to pay for all this ?

Answer: I’m sure not going to expect anything. I am retired military and drawing a pension. I’ve been hounded to file for the stimulus rebate for 2 months. I manage ok on my pension even though some months get a bit tight.

I didn’t file for the stimulus rebate and i’m not going to ask for a damn thing…

Future generations of Americans our Grand Children and even their great grand children are going to be paying through the teeth for all this ridiculous spending that’s going on.

Add to your list the illegals who Obama will allow access to draw social security without contributing.

I visited Obama’s website. He has a tax calculator on his site. I entered my pension income and it says i’ll pay $500 dollars less on my pension than i would under mccain’s plan. Under the current tax structure I don’t have to pay taxes and wouldn’t under McCain’s plan either. So I wonder how Obama is doing the math.

I voted last friday for John McCain.

States stymied by school stimulus rules

Auditor-general says federal guidelines hampered state authorities from implementing the Government’s $16.2 billion schools building program.

How Does the Stimulus Work? Rescuing the Economy

Question: Do i have to repay my 2009 first time homebuyers tax credit If I go to school in a different state?

I am planning to go to school in a different state and return after my college is finished, would it still be considered my principal residence for tax purposes or will I have to pay back the tax credit?

Answer: If the home is still your legal residence, no one else lives there, and you return there for vacations and summers, you are fine. If you change your residence and stop using the home personally as your permanent home, you must repay it.

Jay Nixon calls for cuts in Missouri’s tax credit program

JEFFERSON CITY — Missouri Gov. Jay Nixon mobilized educational leaders Wednesday to put pressure on the Legislature to revive his moribund proposal clamping down on state tax credits.

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Crist Signs Voucher Bill

Question: Do We Qualify for Home Buyers Credit?

We put a down payment on a home last May
& are paying by “Owner Finance”
We’re making payments directly to the previous owner.
Do we qualify for any Tax Credits?
If so,what types?

Thank You!

Answer: Let’s see, you *may* or *may* not have bought the house in May 2008.

Is the house titled in YOUR name?
Do you pay the property taxes in YOUR name?

If the owner keeps the title until you make the final payment, you do not qualify.

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Question: Question about education expenses, deductions, and credits on taxes?

Well my question is if I received a 1098T, and it has something listed in the tuition section (I was a student for the first half of 2009), does that mean I can qualify for the tax refund thing? Basically the reason I’m confused is while I did have the huge tuition bill, I paid it with student loans, not from my bank account. Does that disqualify me from listing it on my taxes, or not?

If that didn’t make sense I will add more info, this is my first year of filing “real” taxes (b/c I graduated college in 2009 and got a real job shortly after), so I don’t know all the fancy terms yet. I’m using TurboTaxOnline. Thanks!

Answer: Paying with loans is the same thing taxwise as taking the money out of your bank account, since you have to pay back the loans. Expenses paid with grants or scholarships are not eligible for an education credit.

Tax credits for college credits

Tax-advantaged strategies to fund children’s college education continue to offer CPA clients some relief from that heavy financial burden, but their value will vary widely according to each taxpayer’s financial picture.

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FastWeb Insider Secrets: Education Tax Benefits

Question: Income tax return question , form 8863?

My income is 20,000 and my status is marriage jointly return. In 2009, I paid for my college tuition, that’s my sophomore of B.A degree. So can I claim it on form 8863 for education credit :”American Opportunity credit”, Thanks

Answer: Yes, you should be able to claim the American Opportunity Credit. To claim the credit you must
-Not file married filing separate;
-If married, your income (MAGI) is less than $160,000-180,000;
-Not be claimed as a dependent on another person’s tax return, and
-You or your spouse was not a nonresident alien for any part of the year.

Also with this credit, you can include not just tuition, but also fees and course materials (i.e. books, supplies and equipment needed for your courses.)

Derel DallOlmo: New tax rules

Few things induce more anxiety this time of year than the looming April 15 income tax filing deadline. As you begin the process this year, keep in mind that tax rule changes could affect your tax liability and possibly make you eligible for new tax reduction opportunities.

Improved education credit opportunities for high-income taxpayers.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2010. The length of the article is 1184 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Improved education credit opport…

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