Can I claim my tuition on my taxes?

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  • slateman
    Registered User
    • Oct 2001
    • 1346
    #1

    Can I claim my tuition on my taxes?

    I've posted this in other message boards (yes, there are message boards outside of AO ) so you might see it again.

    Is there some way I can claim the money I spent on tuition? Is it a standard detuctible or do I have to fill out a special form? Does it matter if the money came from a mutual bond/fund?

    Thanks.
    BrockSampson "I see dead people..."



    and once I see them, I make sweet, sweet love...
    Tags: None
    • PyRo
      President Bioloaf inc.
      • Dec 2000
      • 10186
      #2
      Are taxes the same throughout the country? I know my mother uses it on her taxes. There is a maximum deduction though, not sure what.

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        • Dryden
          Team Nemesis

          • Jun 2003
          • 931
          #3
          It depends on where the money for school tuition comes from. State sponsored financial assistance, loans and grants/scholorships are not taxable provided you actually spent the balance in question on tuition. If you keep a portion of a loan or scholorship, or have a scholorship which includes funds for living expenses, that is taxable (probably by using a 1099-INT as self-employment/misc income).

          Interest on savings bonds, mutual funds, and bank issued passbook savings accounts is also taxable income, though the amount you put into the investment is not (you already paid taxes on that income when you earned it), so I don't believe you will see any benefit if you've paid your tuition out of investment funds that you or your family had saved to defer up front tuition costs.

          Honestly, if you have paid tuition from several sources, you'll probably see a good benefit if you talk to someone at a tax preparation mill like H&R Block and have them assist you.
          Last edited by Dryden; 03-13-2004, 05:19 PM.
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            • phantomhitman
              ao's official bad guy
              • Oct 2003
              • 1841
              #4
              yes you can as long as YOU payed for it. i finally got to write off my tuition and it does go on a special form. it is a tax credit or something like that. i will get back to you on that.
              my feedback
              countdown on devilmag day........ill let you now

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                • Restola
                  Certificated Cloud Buster
                  • May 2001
                  • 2230
                  #5
                  Its a new credit that started for 2002. Its a sizable deduction (which usually triples my return). Its part of the TurboTax software for sure, or any tax person can tell you what its called.

                  AO Feedback / Ebay Feedback / AOPA / JeepForum.com / IPR

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                    • slateman
                      Registered User
                      • Oct 2001
                      • 1346
                      #6
                      Originally posted by phantomhitman
                      yes you can as long as YOU payed for it. i finally got to write off my tuition and it does go on a special form. it is a tax credit or something like that. i will get back to you on that.
                      Just curious if you found out about that. I'm probably gonna do my taxes tommorrow so I'd like to know.
                      BrockSampson "I see dead people..."



                      and once I see them, I make sweet, sweet love...

                        Comment

                        • PyRo
                          President Bioloaf inc.
                          • Dec 2000
                          • 10186
                          #7
                          Just do it, if you cannot they will be sure to let you know

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