The Federal Tax Credits Blog

Posts Tagged ‘low-income_students’

Question: What is the student credit TAX $2500?

Hi
I am a student my collage tuition was about 2100 and financial Aid paid about 2000, how do I know if I’m qualified for the 2500 Credit Tax?
thanks

Answer: You don’t include tuition costs paid by grants/scholarships; however, you can include student loans and out-of-pocket tuition paid. The credit offsets your tax liability. If you don’t have any tax liability, the 40% of the credit is refundable.

If you only paid $100 in tuition and had no student loans, then you could receive $40 back (assuming you have no tax liability).
If you had $10,000 in student loans and paid $100, then you would use the maximum $2,500 for the credit. This would give you a refund of $1,000 (assuming you have no tax liability).

Tax Break for Gun Buyers in the Works

West Virginia lawmakers want to give gun buyers an annual break from the state sales tax.

Hefty Tax Returns for Parents and Students

Question: Earned Income Credit, New Baby, How does it work?

I had baby this year, and I have a question about EIC.

I defaulted on a federal student loan last spring (my father, who very kindly was paying them for me, threw away all the notices/bills because he thought they were junk mail) and because neither of us have the money to pay off $7000 in full, my tax refunds and economic stimulus checks go directly to the Department of Education until the entire thing is paid off.

Because of this my husband and I are OBVIOUSLY filing separately. We just had a baby this year, and he was in graduate school and just started working so he made maybe $10,000 in 2008 and so he will be getting most of his taxes paid in back. But how does the EIC work? I mean, will we get MORE money back than he paid in taxes because we had a baby?

Just curious, since we’re waiting on another w2 to file.

Answer: Yes, you will get all the federal tax withheld and earned income credit. However, you are not eligible if you file married filing separately. You must file joint return. You can file Form 8379 (Injured Spouse). The IRS will allocate the refund between you and your spouse.

Read http://taxipay.blogspot.com/2008/02/filing-status-for-married.html

Oklahoma stimulus spending to rise

Shovel-ready road projects, a budget deal and data-reporting errors captured many of the headlines for the federal stimulus package in Oklahoma, but state officials say much more has gone on behind the scenes. The spending is expected to ramp up significantly in 2010 as infrastructure projects continue and state and federal agencies award competitive grants. Oklahoma is expected to receive more …

Recovery: Education Credits – Parents – June 09

Question: What tax credits can a low-income student take?

My gf only worked enough last year that she made $350 for the whole year, she has gotten extra student loans so that she could pay for rent and vehicle, etc. Besides lifetime learning, hope credit, and interest deductions, is there other ways to get credits – i.e. for low income, or can her bills be counted somehow towards these ?

Answer: If she’s at least age 25, she’s probably eligible for an Earned Income Credit (EIC) of $29 – if she’s under 25 she can’t get that.

With income that low, the credits and deductions you mention won’t save her anything. She won’t owe any tax, so unless she’s eligible for EIC, the only refund she could get would be anything that was withheld for federal income tax.

Car dealers get year-end boost with special offers

As we leave 2009, we say goodbye to some once-popular car lines, victims of the year’s tough economy. But the loss means big business right now for some Central Arkansas dealers selling the remaining inventory.

Student Scholarship Program

Question: Federal Education Credits – Hope and Lifetime?

I was just doing my taxes and when I got to the education credits form (8863) it came out that I am not entitled to claim any credits. It’s because my income is so low I don’t pay any federal tax (my income was about $4500 last year). So I just wanna make sure this is accurate: if you don’t pay tax you aren’t entitled to the credit? because on my state return (NY) I also never pay tax but AM entitled to an education expense credit of about 200. So on federal they dont let you go into negative amounts on your tax payment i guess?

Answer: You are correct. The people who get that tax credit are getting a refund so to speak on money they have already paid in. If you haven’t paid any in, you don’t get any back.

For the record, those education credits are not very user friendly!
You can only take them the first and second year, you know, so the first time we filed for one, our student had just been in college the fall semester, so we only got credit for a half of a year. It’s done by the tax year, not the school year, so you can never get 2 years worth unless your first 2 years of college aren’t spread out over 3 tax years, which is almost never the case.

The Year America Lurched Left

In our first editorial after Barack Obama’s historic victory in November 2008, we acknowledged that “we were witnessing an event in which all Americans can take justifiable pride.”

The IRS, the Federal Reserve Bank & the Income Tax

Founded in 1958, Florida Tech is the only independent technology university in the Southeast. For a half-century, Florida Tech has trained and educated NASA Scientists, generals and other tech-based professionals. U.S. News and World Report listed Florida Tech as one of the best American colleges and as the nations best national doctoral university. Florida Tech was also listed in Barron’s Best Buys in college education. Rated among the top 7% of America’s colleges and universities, Florida Institute of Technology Online is committed to providing quality education, effective teaching methods and an overall excellence in all areas.

Accreditation of Florida Institute of Technology

Accredited by the Southern Association of Colleges and Schools, Florida Institute of Technology is recognized internationally for its qualified faculty members, effectiveness in technology-focused education, high-quality research institution and culturally diverse student body. Florida Tech has produced over 37,000 leaders and professionals in the fields of business, engineering, aviation, the sciences and psychology. Florida Institute of Technology prides itself on continued improvement in providing excellent programs, a quality campus life for students, faculty and staff members, in addition to providing personal and career growth opportunities.

Online classes at Florida Institute of Technology

Florida Technology online offers online chat rooms, streaming videos, message board and email. The online faculty and support center is available to help you achieve your goals. This is an excellent way to meet other online students and network with professionals around the world.

Online Degree Programs at Florida Institute of Technology

Florida Institute of Technology offers 100% virtual classroom setting with degree programs for Associate, Bachelor and Master Degrees. The following is just a smattering of what is on offer at FIT.

Undergraduate Degrees

Associate

* Accounting
* Business Administration
* Criminal Justice
* Healthcare Management
* Liberal Arts
* Marketing
* Computer Information Systems

Bachelor

* Accounting
* Business Administration in Accounting/Marketing/Computer Information Systems
* Criminal Justice
* Computer Information Systems
* HR Administration Minor with any Bachelor’s Degree

Graduate Degrees

* MBA in Accounting & Finance/Healthcare Management/Information Technology Management/Project Management
* MBA Marketing
* MS Information Technology

International Students at Florida Institute of Technology

Florida Technology Online accepts international students into undergraduate and graduate programs. International applicants need to submit all specified documents and credential to the mailing address.

International diplomas and credits received must be translated and students must demonstrate a proficiency in English using minimums for the TOEFL, IELTS, graduation from an internationally accredited English-medium school, completion of an internationally recognized ESL program or by completing 20 credit hours from an accredited, mainland U.S. university or college (this must include at least 3 courses in English composition and rhetoric).

Financial Aid and Tuition at Florida Institute of Technology

Financial aid is readily available to those who qualify. Regardless of your financial background, at FIT, they are committed to helping all their students meet their financial and educational needs. Undergraduate student can qualify for up to $10,500 a year towards a degree. Federal student aid is available to cover all the academic expenses. Florida’s Access Grant is available to eligible Florida residents. Online enrollment advisors can assist you with enrollment and can help you select the best financial aid options for suit your needs.

There is a $75 application fee and your books and other supplies cost more. Tuition is $435 per credit hour and may be tax deductible, check with your tax advisor for more details.

Employment Outlook for Florida Institute of Technology Graduates

A bachelor’s degree is worth an additional $23,000 a year more than a high-school education. Graduates with advanced degrees were found to earn significantly more than those with only a Bachelor degree. At Florida Tech, they make it easy, flexible and convenient for you to attend classes online.

So, don’t put it off any longer! Earn the degree that will advance your career, open new doors and increase your earning potential, with Florida Tech Online.

More students turning to Junior ROTC programs – Army News, news from Iraq, – Army Times

ASHEVILLE, N.C. — Before enrolling in the Junior Reserve Officers’ Training Corps program at Asheville High School, William Michaels says he struggled to keep his anger under control.

Student tax credit