Comments on: Tax Considerations for College Students

By: coney

coney — Thu, 28 Mar 2013 04:00:41 +0000

My husband prepared/filed our income tax return and forgot to add the Hope credit. What now?

By: Kathy

Kathy — Sun, 17 Feb 2013 23:39:09 +0000

Can I deduct a notebook computer under books, supplies, and equipment for the American Opportunity Credit?

By: Sharon

Sharon — Thu, 07 Feb 2013 19:55:07 +0000

I am taking classes to become a teacher, through an Alternative Certification program. Can I take a tax credit? if so, which program.

By: sherrykola

sherrykola — Tue, 05 Feb 2013 07:49:05 +0000

I am a junior in college and I have worked every year that I’ve been in school, except for my freshman year; yet whenever I file my taxes, I never receive the American Opportunity Credit, nor do I receive any other education deductions.
Most of my friends who are also students seem to get it every year and one even laughed about how the government was “robbing” me.
I do get financial aid, but so do my friends, and aside from the money the school gives me, I’ve basically been supporting myself all year.
So my question to you is, why don’t I receive this credit. It seems as though I’m eligible, but Turbo tax won’t give it to me. And if it turns out I have been eligible all this time, can I amend my old returns to get the credit? Thanks!

By: sherrykola

sherrykola — Tue, 05 Feb 2013 07:42:01 +0000

I am a junior in college and I have worked every year that I have been in school, except for my freshman year.
I never receive the American Opportunity Credit, or any other education credit or deduction, while practically all of my other friends who are students receive it. I’ve prepared my taxes and gone to a professional, but I still don’t receive it.
My question is why don’t I receive this tax credit, and if it turns out I am eligible, can I amend my previous returns? I hope this made sense and you can answer my question.

By: Ryan White

Ryan White — Mon, 28 Jan 2013 21:40:22 +0000

I forgot to ask, what do I do with my 1098T? Is that just my record of what my school sent to the IRS? Or is that something I file?

Thanks!

By: Ryan White

Ryan White — Mon, 28 Jan 2013 21:38:36 +0000

I was in school ALL of last year (I’m not going to a traditional school where I get the summer off, I’m at a trade school where I go to school through the whole year) and I didn’t work so I earned ZERO income. I know I don’t have to file taxes if I didn’t earn any income, but I qualify for the American Opportunity Credit and the Lifetime Learning Credit… In order to get the credit, do I have to file my taxes?

By: TurboTaxLisa

TurboTaxLisa — Fri, 28 Sep 2012 22:46:54 +0000

Hi Leah,
Yes you may still be eligible for the Lifetime Learning Credit or the Tuition and Fees Deduction.
TurboTax figures out which one you are eligible for based on your answers to a few questions.
Thank you,
Lisa Greene-Lewis
http://blog.turbotax.intuit.com

By: Leah Lleras

Leah Lleras — Wed, 26 Sep 2012 19:29:17 +0000

I am starting grad school in the Spring, but I still work full time. Does the credit apply for graduate level classes ad well as undergrad?

Thanks

By: TurboTaxLisa

TurboTaxLisa — Tue, 15 May 2012 23:32:46 +0000

Hi Doshia,
Unfortunately you can only take the deduction for education if you claim him as a dependent. If he files a tax return and is not claimed as a dependent by someone else he can take the deduction for his college expenses even if you paid them.
Thank you,
Lisa Greene-Lewis

By: Doshia

Doshia — Tue, 15 May 2012 03:19:39 +0000

My son will enter college Fall 2012. I don’t claim him on my taxes but will pay half of his tuition. Am I eligible for the education credit for my portion of the tuition on my taxes even though I don’t claim him?

By: TurboTaxLisa

TurboTaxLisa — Thu, 15 Mar 2012 22:03:11 +0000

Hi Manuel,
No you can only use one credit or deduction at a time for the same eligible expenses.
Thank you,
Lisa Greene-Lewis

By: Manuel De Leon

Manuel De Leon — Thu, 08 Mar 2012 21:52:07 +0000

I have a son who completed his internship for 8 months as part of the school program ,can I use American Opportunity credit, Lifetime Learning credit and Tuition fee and deductions at the same time and maximize them?