sam_t wrote:

- quote -

"Other Income" and label it as such on the line. Here's an
excerpt from Pub 970 on how to perform the calculation for
recapture.

If, after you file your 2004 tax return, you or someone else
receives tax-free educational assistance for, or a refund
of, an expense you used to figure a tuition and fees
deduction on that return, you may have to repay all or part
of the deduction. This applies to assistance and refunds
received by the individual claiming the deduction, and, in
the case of a student who claims the deduction, refunds
received by anyone else who paid such expenses for the
student. You must include the assistance or refund in income
in the year received up to the amount by which the deduction
of the refunded amount reduced your tax in 2004. Refigure
the deduction for 2004 as if you received the assistance or
refund in 2004. Then refigure your 2004 tax liability.
Subtract the refigured tax from your original (or previously
adjusted) 2004 tax. The result is the amount you must repay.
Add the repayment to income for the year you receive the
assistance or refund (see the instructions for your tax
return for that year). Your 2004 tax return does not change.

--
Alan
http://taxtopics.net

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Were do i enter the Educational Tution and Fees deduction
recapture amount in Form 1040 I am stuck please help me

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