Just wondering if I can take some kind of deduction on my NC tax return for being a student and paying tuition...as of right now I'm only due a $42 refund.

2/28/2006 9:16:37 PM

i thought you can take up to 4000$ for tuition, just like the federal tax return. i know i did.

2/28/2006 9:20:35 PM

heh...as of right now, i OWE???? $647 on federal and $380 on state.

supposedly, i can't take that deduction for federal b/c i'm a dependent of my parents

i'm getting up with an accountant during spring break

as far as deductions on federal go for school/tuition/thatstuff, not all have a stationary cap, like ^ posted. i'm a little hazy on the difference between the Hope and Lifetime credits, which do have a set amt, iirc, and the other one (don't know what it's called)

[Edited on February 28, 2006 at 9:25 PM. Reason : ada fuck taxes]

2/28/2006 9:25:03 PM

If you're taking the Hope Credit or Lifetime Learning Credit on the federal return, you can subtract up to $4000 for Education Expense Deduction on line 9 of the NC return. If you're not the one who borrowed the funds or paid the tuition, you should let your parents claim it (they may be in a higher bracket).

Hope Credit is for 100% of the first $1000 of expenses and 50% of the next thousand (maxes out at $1500). You can only claim it in the first two years. Lifetime learning credit is 20% of tuition and fees. The other one is Tuition and Fees deduction...don't use that one if you want to deduct the expense for the state. The Hope or LLC is probably better for the federal refund anyway.

[Edited on February 28, 2006 at 10:15 PM. Reason : -]

2/28/2006 10:08:16 PM

^^my dad wants to claim me, too. So.... we have a deal that he pays what I owe since he's making a hell of a lot more by claiming me.

2/28/2006 10:13:27 PM

^
That's something to work out with your dad. If he's already filed, you are probably SOL.

If you are NOT a dependent of your parents, you can file the amount on your 1098-T forms. You should have received one from each university you attended for supplemental tuition/fee payments. I.e. I had two summer courses, one at NC State and one at UNC totaling $800. Goes on line 34 on your 1040. However, because I'm still a dependen this year, I could not claim it.

3/1/2006 5:26:41 AM

^^ that's kinda what my dad did when he claimed me in college. He'd claim me, and he'd give me the difference between what i ended up getting and what i'd have got had he not claimed me. Parents who don't do this should eat a dick.

3/1/2006 8:45:17 AM

^yea. My parents still claim me but since they foot the bill for tuition I can't really complain.

3/1/2006 8:51:28 AM

^ exactly - my parent's are paying a lot for my college so it is hard for me to complain about it...

Quote :

"heh...as of right now, i OWE???? $647 on federal and $380 on state. supposedly, i can't take that deduction for federal b/c i'm a dependent of my parents"

I am in the same boat - except I don't owe quite that much...

[Edited on March 1, 2006 at 9:33 AM. Reason : .]

3/1/2006 9:33:19 AM

forwhatever reason, the online HR Block is treating all 7000 of my grants and scholarships as taxable income

3/1/2006 10:06:37 AM

The scholarship money for tuition and books should be tax free but whatever you spend on other stuff like room and board is taxable income.

3/1/2006 12:37:21 PM

I just talked to my aunt about the Hope/Lifetime stuff, particularly the Lifetime b/c this is my 4th year in school

basically, any tuition that YOU pay, any fees that YOU pay, whichi includes books, transportation, and anything else you pay for that's required for school (my gf had to pay for a subscription for WSJ out of pocket for one class, apparently she can claim that as well) can be claimed, and yeah it tops out at an amt that I forgot to write down.

3/1/2006 2:30:38 PM

^
Did you ask about dependency status though? I tried to claim on TurboTax but it gave me a big'ol NO.

3/1/2006 4:06:07 PM

Quote :

"The scholarship money for tuition and books should be tax free but whatever you spend on other stuff like room and board is taxable income."

I know this. Doesn't seem they do.

3/1/2006 4:34:32 PM