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#9
03-24-2005, 01:34 AM
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 Re: NOL from Tuition Deduction? David Woods, EA, ChFC, CLU wrote: - quote - > "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
I understood the question as the educational expense> > David Woods, EA, ChFC, CLU wrote: > > > "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote: > > > > Bob Sandler wrote: > > > > > An adult supporting herself from savings while attending > > > > > graduate school full-time has negative AGI because the $4000 > > > > > tuition and fees deduction exceeds her small amount of > > > > > income. Is this a NOL? > > > > No. No business activity. Also, I don't see why the > > > > education would be deductible at all, based on what is > > > > given. > > > Try the tuition and fees deduction.... > > That doesn't lead to an NOL. The 2002-2005 deduction on > > the front of the 1040 is a non-business amount. > Which means what? The comment of yours about education > being deductible not being deductible AT ALL was wrong. > Taxpayer attends graduate school. Taxpayer deducts tuition > fees. Any effect or lack thereof on an NOL is besides the > point. CONTRIBUTED to the NOL. That must mean that it has a business purpose - and I saw none. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
03-18-2005, 11:07 AM
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| Re: NOL from Tuition Deduction? "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote: - quote - > David Woods, EA, ChFC, CLU wrote:
Which means what? The comment of yours about education> > "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote: > > > Bob Sandler wrote: > > > > An adult supporting herself from savings while attending > > > > graduate school full-time has negative AGI because the $4000 > > > > tuition and fees deduction exceeds her small amount of > > > > income. Is this a NOL? > > > No. No business activity. Also, I don't see why the > > > education would be deductible at all, based on what is > > > given. > > Try the tuition and fees deduction.... > That doesn't lead to an NOL. The 2002-2005 deduction on the front of the 1040 > is a non-business amount. being deductible not being deductible AT ALL was wrong. Taxpayer attends graduate school. Taxpayer deducts tuition fees. Any effect or lack thereof on an NOL is besides the point. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
03-13-2005, 10:56 PM
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| Re: NOL from Tuition Deduction? David Woods, EA, ChFC, CLU wrote: - quote - > "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
That doesn't lead to an NOL. The 2002-2005 deduction on the front of the 1040> > Bob Sandler wrote: > > > An adult supporting herself from savings while attending > > > graduate school full-time has negative AGI because the $4000 > > > tuition and fees deduction exceeds her small amount of > > > income. Is this a NOL? > > No. No business activity. Also, I don't see why the > > education would be deductible at all, based on what is > > given. > Try the tuition and fees deduction.... is a non-business amount. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
03-07-2005, 08:31 AM
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| Re: NOL from Tuition Deduction? "D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote: - quote - > Bob Sandler wrote:
Try the tuition and fees deduction....> > An adult supporting herself from savings while attending > > graduate school full-time has negative AGI because the $4000 > > tuition and fees deduction exceeds her small amount of > > income. Is this a NOL? > No. No business activity. Also, I don't see why the > education would be deductible at all, based on what is > given. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
03-07-2005, 08:12 AM
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| Re: NOL from Tuition Deduction? - quote - > Nonbusiness deductions in excess of nonbusiness income are
After reading the beginning of Pub. 536 and the Form 1045> disallowed when calculating an NOL. > See IRS Pub 536 NOLs for more detail. instructions for the fifth or sixth time, I finally realized what my problem was. You have to include the standard deduction as a nonbusiness deduction. Once I did that, the NOL went away. Thanks to all for your help. Bob Sandler << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
03-03-2005, 11:34 PM
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| Re: NOL from Tuition Deduction? - quote - > I don't see why the education would be
Why wouldn't it be deductible? According to Pub. 970, chapter 6, the> deductible at all requirements for the Tuition and Fees deduction (1040 line 27) are: - Pay qualified education expenses for higher education (i.e. tuition at a university). - Pay the expenses for an eligible student (enrolled at the university, and she has a high school diploma). - The eligible student is yourself, your spouse, or your dependent. She meets all those requirements. None of the exclusions apply: - She is single (not MFS). - She cannot be claimed as a dependent by anyone else. She is paying all of her own support. - MAGI is not over $80,000. - She is a U.S. citizen (not a nonresident alien). - She is not claiming the Hope or Lifetime Learning credit. Bob Sandler << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
03-03-2005, 06:49 AM
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| Re: NOL from Tuition Deduction? Bob Sandler wrote: - quote - > An adult supporting herself from savings while attending
No. No business activity. Also, I don't see why the> graduate school full-time has negative AGI because the $4000 > tuition and fees deduction exceeds her small amount of > income. Is this a NOL? education would be deductible at all, based on what is given. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-03-2005, 06:11 AM
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| Re: NOL from Tuition Deduction? "Bob Sandler" <bob_usenet[at]yahoo.com> wrote: - quote - > An adult supporting herself from savings while attending
Aside from the fact that it's not a trade or business loss?> graduate school full-time has negative AGI because the $4000 > tuition and fees deduction exceeds her small amount of > income. Is this a NOL? > Total income from W-2 wages, interest, dividends, and a > long-term capital gain is $2357. > Subtracting the $4000 tuition and fees deduction produces > AGI of -$1643. > Subtracting the $4850 standard deduction produces -$6493 on > 1040 line 40. > Form 1045 Schedule A, if I am filling it out correctly, > allows the -$6493 as a NOL. I cannot find any documentation > that specifically discusses whether or not the tuition and > fees deduction can produce a NOL. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-03-2005, 06:11 AM
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| Re: NOL from Tuition Deduction? Bob Sandler wrote: - quote - > An adult supporting herself from savings while attending
What kind of business are you operating? That is what a Net> graduate school full-time has negative AGI because the $4000 > tuition and fees deduction exceeds her small amount of > income. Is this a NOL? > Total income from W-2 wages, interest, dividends, and a > long-term capital gain is $2357. > Subtracting the $4000 tuition and fees deduction produces > AGI of -$1643. > Subtracting the $4850 standard deduction produces -$6493 on > 1040 line 40. > Form 1045 Schedule A, if I am filling it out correctly, > allows the -$6493 as a NOL. I cannot find any documentation > that specifically discusses whether or not the tuition and > fees deduction can produce a NOL. Operating Loss is for.... Missy Doyle << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-03-2005, 05:52 AM
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| Re: NOL from Tuition Deduction? Bob Sandler wrote: - quote - > An adult supporting herself from savings while attending
Nonbusiness deductions in excess of nonbusiness income are> graduate school full-time has negative AGI because the $4000 > tuition and fees deduction exceeds her small amount of > income. Is this a NOL? > Total income from W-2 wages, interest, dividends, and a > long-term capital gain is $2357. > Subtracting the $4000 tuition and fees deduction produces > AGI of -$1643. > Subtracting the $4850 standard deduction produces -$6493 on > 1040 line 40. > Form 1045 Schedule A, if I am filling it out correctly, > allows the -$6493 as a NOL. I cannot find any documentation > that specifically discusses whether or not the tuition and > fees deduction can produce a NOL. disallowed when calculating an NOL. See IRS Pub 536 NOLs for more detail. -- 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
02-28-2005, 07:54 PM
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| NOL from Tuition Deduction? An adult supporting herself from savings while attending graduate school full-time has negative AGI because the $4000 tuition and fees deduction exceeds her small amount of income. Is this a NOL? Total income from W-2 wages, interest, dividends, and a long-term capital gain is $2357. Subtracting the $4000 tuition and fees deduction produces AGI of -$1643. Subtracting the $4850 standard deduction produces -$6493 on 1040 line 40. Form 1045 Schedule A, if I am filling it out correctly, allows the -$6493 as a NOL. I cannot find any documentation that specifically discusses whether or not the tuition and fees deduction can produce a NOL. Bob Sandler << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduction, nol, tuition |
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