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#5
03-05-2004, 07:16 PM
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 Re: Education Credits? "alabaster" <noemail[at]nofreakingemail.net> wrote: - quote - > I am eligible for the Lifetime Learning credit, but claiming
Even if you are "eligible", you can't claim a credit that> it won't increase my refund (after standard deduction, my > taxable income is already 0). will reduce your tax below -0-. If your taxable income is already -0-, then the tax is likewise -0-. - quote - > Is there any benefit to claiming the Lifetime Learning
No> credit anyway? - quote - > Will claiming/not claiming it this year
No> affect next year's taxes? - quote - > Any other benefits or problems that I should know of?
See the first answer. If your pre-credit tax liability is> Or is their no point to my claiming it at all? ALREADY zero, you cannot claim a credit that will reduce your taxes BELOW zero. The Earned Income Credit and Additional Child Tax Credit are specific exemptions, and are treated as Payments (like withholding), not reductions in the tax liability. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
03-05-2004, 06:18 PM
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| Re: Education Credits? - quote - > I am eligible for the Lifetime Learning credit, but claiming
Not claiming it this year will have no effect at all on your> it won't increase my refund (after standard deduction, my > taxable income is already 0). > Is there any benefit to claiming the Lifetime Learning > credit anyway? Will claiming/not claiming it this year > affect next year's taxes? Any other benefits or problems > that I should know of? > Or is their no point to my claiming it at all? taxes in the future. If your parents can claim you as a dependent, they can also claim the Lifetime Learning Credit based on your expenses. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
03-04-2004, 01:33 AM
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| Re: Education Credits? noemail[at]nofreakingemail.net posted: - quote - > I am eligible for the Lifetime Learning credit,
No, and no.> but claiming it won't increase my refund (after > standard deduction, my taxable income is > already 0). > Is there any benefit to claiming the Lifetime > Learning credit anyway? Will claiming/not > claiming it this year affect next year's taxes? - quote - > Any other benefits or problems that I should
No.> know of? - quote - > Or is their no point to my claiming it at all?
Not much point, IMO. But it's up to you. It's just anotherpiece of paper (or few bits of memory). Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-04-2004, 01:14 AM
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| Re: Education Credits? "alabaster" <noemail[at]nofreakingemail.net> writes: - quote - > I am eligible for the Lifetime Learning credit, but claiming
<snip> it won't increase my refund (after standard deduction, my > taxable income is already 0). - quote - > Or is their no point to my claiming it at all?
None.Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-04-2004, 01:14 AM
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| Re: Education Credits? "alabaster" <noemail[at]nofreakingemail.net> wrote - quote - > I am eligible for the Lifetime Learning credit, but claiming
That happens a lot.> it won't increase my refund (after standard deduction, my > taxable income is already 0). - quote - > Is there any benefit to claiming the Lifetime Learning
No.> credit anyway? - quote - > Will claiming/not claiming it this year
Nope.> affect next year's taxes? - quote - > Any other benefits or problems
None that I know of.> that I should know of? - quote - > Or is their no point to my claiming it at all?
Apparently not.-- Paul A. Thomas, CPA taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-04-2004, 12:55 AM
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| Re: Education Credits? alabaster wrote: - quote - > I am eligible for the Lifetime Learning credit, but claiming
Look at Part III of Form 8863. You'll discover you don't> it won't increase my refund (after standard deduction, my > taxable income is already 0). > Is there any benefit to claiming the Lifetime Learning > credit anyway? Will claiming/not claiming it this year > affect next year's taxes? Any other benefits or problems > that I should know of? > Or is their no point to my claiming it at all? qualify for an education credit. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-03-2004, 01:31 AM
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| Education Credits? I am eligible for the Lifetime Learning credit, but claiming it won't increase my refund (after standard deduction, my taxable income is already 0). Is there any benefit to claiming the Lifetime Learning credit anyway? Will claiming/not claiming it this year affect next year's taxes? Any other benefits or problems that I should know of? Or is their no point to my claiming it at all? Thanks, chris. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| credits, education |
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