The Federal Tax Credits Blog

Posts Tagged ‘january09’

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You can find money to pay for college

(ARA) – In a competitive job market, earning a degree can be the biggest single step one can take to enhance career value and earning potential. As many bask in the glow of making plans to increase their career potential, the prospect of paying for college is a sobering reality.

Question: Details of New 2009 & 2010 Tuition Tax Credits…?

I read an article in my local paper yesterday about the new tuition tax credit that was part of the Stimulus package, where you get a $1 for every $1 paid in tuition, up to $2,500.

I am currently Unemployed, and my sole source of income for 2009 has been UI benefits. However, I am also a FT student via a distance learning program, pursuing a BS. I have paid well over $2,500 in tuition this year, and the school is fully recognized.

Does this mean that I will likely qualify for the credit? Also, assuming I don’t have any liability (I am Head of Household with a small UI check), will I be able to have the $2,500 as cash in a refund?

Thank you!

Answer: You’re talking about the American Opportunity Tax Credit, which replaces and expands the Hope Credit. Your understanding on the calculation isn’t quite correct, and only part of it is refundable so if you don’t owe any tax you don’t get the entire credit. The first $2000 is dollar for dollar, and over that it’s 25%, so your credit would probably work out to $2100, and if you have no tax liability, up to 40% or $840 would be paid to you. Still a nice chunk of money.

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

Holland District Offers Advanced Classes

Several new opportunities are becoming available for students at the Holland Central School District. Advanced placement (AP) classes in the sciences may be offered next year to give students a head start at college, while a tutoring program has just started that provides older students an incentive for tutoring younger classmates.

Economic Stimulus Plan | Tax School | Tax Education | Liberty Tax Service

Question: What forms will I need to file old tax returns, 07 and 08, the regular 1040ez forms?

I didn’t file my taxes in 07 or 08. There’s no evasion here just laziness, I’m a college student and I work a full-time job. The year of 07 I made about 12k, the year of 08 I made about 25k, could I still use the 1040ez form to complete both of those years?

For the year of 07 I’ll be claiming the Lifetime learning credit (paid over 10k in tuition)

For the year of 08 I’ll be claiming the Lifetime learning credit again (paid 7k in tuition) and for the Recovery Rebate since I never got a stimulus check.

Can I do all this with the 1040 EZ forms with my income brackets and credits ect.

THANKS and HAPPY HOLIDAYS!

Answer: you can find old forms at www.irs.gov
and the stimulus money for 2007 was on timely filed returns, you are not eligible for it now
if the EZ form includes your credit for education, yes, however the EZ is a very basic, simple form with little extras included
one form is as good as another and a 1040 covers everything

Restoring an educational gem’s luster

Cuts are fast eroding California’s once-vaunted system of public colleges and universities. Judicious change can address new realities while affirming the enduring goals of the state’s master plan. Great beaches, a gentle climate and the best system of public higher education in the country, maybe the world. California is famous for all three, but what it deserves abundant praise for is the last …

Obama slams Mccain: Corporate Tax Cuts & The Earmark Fallacy – Rachel Maddow comments

Question: Educational Tax Exemptions??

I’m an adult student , returning to college. I believe I have already used that Hope Educational credit a few years back, and it was my understanding that is a ‘one time’ thing. Are there any other educational exemptions I can use on my Federal Taxes? ( I’ve also worked all of 2007 part-time, and will be filing Single, Head of Household.)

Thanks in advance!

Answer: Lifetime Learning Credit.

In fact, in some circumstance the Lifetime Learning Credit can give you a bigger credit than the Hope Credit now.

James R. Pratt Jr. is appointed to supervisory committee

DARTMOUTH — First Citizens’ Federal Credit Union recently announced the appointment of James R Pratt, Jr. to their Supervisory Committee.

Excel Busn Math 42: Federal Income Tax Payroll Deduction