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Student tax credits? |
Last year I had to pay my previous school 800 for some fees b/c i left early.. anyhow when i did my taxes they took that out of my taxes and i got more back.... This year can i include books i paid for, and supplies for my photography class(paper, camera, misc supplies)??? I am making more this year so it feels like Im getting less back, so I could use the extra few $$ For the Hope and Lifetime learning credit, books, travel and room and board cannot be deducted only qualified tuition that is listed on your 1098-T form that is furnished to you by the school. you may be entitled to education credits on your tax return. they are the hope credit and the lifetime learning credit. you can only claim one or the other. the hope credit is for the first two years of postsecondary education (ie college). after that you can take the lifetime learning credit. there is also a tuition fees deduction. if you prepare your tax return using software like TurboTax, it will usually compare them all and see which is most beneficial for you to take. ive attached a link that explains these deductions and credits more thoroughly, and what types of expenses are included. http://www.irs.gov/pub/irs-pdf/p970.pdf... |
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