It isn't clear what/ how much I can claim as a deduction, and under which of 2 programs...
Turbotax's helpline was of NO help "well, if turbotax prompts you, it must be right..." was what 4 hours waiting on hold got me!
It also asked me if I could claim any kids as deductions, but that doesn't mean that listing my baby goat as a deduction would be right, either.
I attended classes in Spring of 2012.
Tuition alone was $0 (stepmother worked for the school).
Therefore, there is NO 1098T: there was no tuition. Well, there was tuition, but then it was remitted. I probably cannot claim the $1434 in tuition that I paid and then was refunded for (unless I can...? mostly kidding).
However, I had additional costs of $675: almost $875 if you count the cost of books (I can document these from Amazon receipts if needed for the IRS).
Now, I did receive a pell grant, which does not need to be repaid, for $1388. Obviously that's more than even $875, so in a way I didn't pay $875...?
I am, sadly, a "super senior," and have gone to classes for 6 years and will graduate in 7. So in spring of 2012, it was more than my 4th year, but, I wasn't a senior in my major.... So do I qualify for American Opportunity, or Lifetime Learning?
AND, even though the pell grant did cover it, can I still legitimately claim the $875 in education-related fees as a deduction under one of these two programs? Stretching it... but can commuting expenses to get to class count as a related expense, too?
Turbotax's descriptions are provided below, along with the itemized expense list. Dunno if the IRS wants everything documented with receipts for $675+book costs + maybe gas to get to class, or if it's too little to matter for them.
I'd like to do this right.
Thanks!
-Bernard
"About Education Deductions and Credits
If you or someone in your family is pursuing education after high school, you might qualify for one of these education deductions or credits:
- Students in the first four years of college could qualify for the American Opportunity Credit which can be up to $2,500. The credit is based on 100 percent of the first $2,000 of tuition, fees and course materials paid during the taxable year, plus 25 percent of the next $2,000 of tuition, fees and course materials paid during the taxable year.
- Students not in the first four years of college who are continuing their education (for example, taking a night class) could qualify for the Lifetime Learning Credit. This credit can be taken year after year, and applies to the entire family. So you can claim all eligible expenses regardless of the number of students.
- Students with a high income could qualify for the Tuition and Fees Deduction. This deduction can reduce taxable income by up to $4,000 for qualified post-high school education expenses."
Debits:
03/09/2012 Late Bill Processing Fee Spring 2012 75.00
02/03/2012 UG Athletics Fee Spring 2012 96.00
02/03/2012 UG Aux Services Fees Spring 2012 174.00
02/03/2012 UG Student Gov't Assoc Fee Spring 2012 9.00
02/03/2012 UG Technology Fee Spring 2012 21.00
02/03/2012 UG Tuition In-State Spring 2012 717.00
01/25/2012 UG Athletics Fee Spring 2012 96.00
01/25/2012 UG Aux Services Fees Spring 2012 174.00
01/25/2012 UG Student Gov't Assoc Fee Spring 2012 9.00
01/25/2012 UG Technology Fee Spring 2012 21.00
01/25/2012 UG Tuition In-State Spring 2012 717.00
Credits:
04/26/2012 Federal Pell Grant Spring 2012 1,388.00
02/15/2012 Tui Wav - TU Sp/Dep Spring 2012 1,434.00
Turbotax's helpline was of NO help "well, if turbotax prompts you, it must be right..." was what 4 hours waiting on hold got me!
It also asked me if I could claim any kids as deductions, but that doesn't mean that listing my baby goat as a deduction would be right, either.
I attended classes in Spring of 2012.
Tuition alone was $0 (stepmother worked for the school).
Therefore, there is NO 1098T: there was no tuition. Well, there was tuition, but then it was remitted. I probably cannot claim the $1434 in tuition that I paid and then was refunded for (unless I can...? mostly kidding).
However, I had additional costs of $675: almost $875 if you count the cost of books (I can document these from Amazon receipts if needed for the IRS).
Now, I did receive a pell grant, which does not need to be repaid, for $1388. Obviously that's more than even $875, so in a way I didn't pay $875...?
I am, sadly, a "super senior," and have gone to classes for 6 years and will graduate in 7. So in spring of 2012, it was more than my 4th year, but, I wasn't a senior in my major.... So do I qualify for American Opportunity, or Lifetime Learning?
AND, even though the pell grant did cover it, can I still legitimately claim the $875 in education-related fees as a deduction under one of these two programs? Stretching it... but can commuting expenses to get to class count as a related expense, too?
Turbotax's descriptions are provided below, along with the itemized expense list. Dunno if the IRS wants everything documented with receipts for $675+book costs + maybe gas to get to class, or if it's too little to matter for them.
I'd like to do this right.
Thanks!
-Bernard
"About Education Deductions and Credits
If you or someone in your family is pursuing education after high school, you might qualify for one of these education deductions or credits:
- Students in the first four years of college could qualify for the American Opportunity Credit which can be up to $2,500. The credit is based on 100 percent of the first $2,000 of tuition, fees and course materials paid during the taxable year, plus 25 percent of the next $2,000 of tuition, fees and course materials paid during the taxable year.
- Students not in the first four years of college who are continuing their education (for example, taking a night class) could qualify for the Lifetime Learning Credit. This credit can be taken year after year, and applies to the entire family. So you can claim all eligible expenses regardless of the number of students.
- Students with a high income could qualify for the Tuition and Fees Deduction. This deduction can reduce taxable income by up to $4,000 for qualified post-high school education expenses."
Debits:
03/09/2012 Late Bill Processing Fee Spring 2012 75.00
02/03/2012 UG Athletics Fee Spring 2012 96.00
02/03/2012 UG Aux Services Fees Spring 2012 174.00
02/03/2012 UG Student Gov't Assoc Fee Spring 2012 9.00
02/03/2012 UG Technology Fee Spring 2012 21.00
02/03/2012 UG Tuition In-State Spring 2012 717.00
01/25/2012 UG Athletics Fee Spring 2012 96.00
01/25/2012 UG Aux Services Fees Spring 2012 174.00
01/25/2012 UG Student Gov't Assoc Fee Spring 2012 9.00
01/25/2012 UG Technology Fee Spring 2012 21.00
01/25/2012 UG Tuition In-State Spring 2012 717.00
Credits:
04/26/2012 Federal Pell Grant Spring 2012 1,388.00
02/15/2012 Tui Wav - TU Sp/Dep Spring 2012 1,434.00