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#4
06-02-2005, 11:19 PM
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 Re: Loan disbursement dates and the Lifetime Learning Credit Dan Bock wrote: - quote - > I have a student loan. My tuition for spring semester of
Pub 970 is somewhat ambiguous on this issue. However, Form> 2006 will be due in early January of 2006. My loan's > scheduled disbursement date is Dec. 29, 2005. On that date, > the lender sends many thousands of dollars to my school > (electronically, I assume), the school keeps what's due for > tuition and gives the rest to me for living expenses. Can I > use these expenses for the lifetime learning credit in 2006, > or do I have to use them in 2005? (If this question is > addressed in Pub. 970, I can't find it.) 8863 where you claim the credit is not ambiguous. It tells you on page 2 that you may not use payments made in the prior tax year or made in the following tax year to claim a credit for the tax year in question. In other words, a payment made in Dec. 2005 for an academic period beginning in 1Q 2006 may only be used to figure a credit for tax year 2005. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
06-02-2005, 11:19 PM
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| Re: Loan disbursement dates and the Lifetime Learning Credit Dan Bock wrote: - quote - > I have a student loan. My tuition for spring semester of
Pub 970 is somewhat ambiguous on this issue. However, Form> 2006 will be due in early January of 2006. My loan's > scheduled disbursement date is Dec. 29, 2005. On that date, > the lender sends many thousands of dollars to my school > (electronically, I assume), the school keeps what's due for > tuition and gives the rest to me for living expenses. Can I > use these expenses for the lifetime learning credit in 2006, > or do I have to use them in 2005? (If this question is > addressed in Pub. 970, I can't find it.) 8863 where you claim the credit is not ambiguous. It tells you on page 2 that you may not use payments made in the prior tax year or made in the following tax year to claim a credit for the tax year in question. In other words, a payment made in Dec. 2005 for an academic period beginning in 1Q 2006 may only be used to figure a credit for tax year 2005. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
06-02-2005, 10:59 PM
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| Re: Loan disbursement dates and the Lifetime Learning Credit The day the payment is made is the day you use, so in your case, 2005. Helen, EA in PA www.nationalmssociety.org 50 Miles to a Cure << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
06-02-2005, 10:59 PM
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| Re: Loan disbursement dates and the Lifetime Learning Credit "Dan Bock" <danbock[at]gmail.com> wrote: - quote - > I have a student loan. My tuition for spring semester of
2005.> 2006 will be due in early January of 2006. My loan's > scheduled disbursement date is Dec. 29, 2005. On that date, > the lender sends many thousands of dollars to my school > (electronically, I assume), the school keeps what's due for > tuition and gives the rest to me for living expenses. Can I > use these expenses for the lifetime learning credit in 2006, > or do I have to use them in 2005? (If this question is > addressed in Pub. 970, I can't find it.) -- 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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06-02-2005, 06:02 PM
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| Re: Loan disbursement dates and the Lifetime Learning Credit "Dan Bock" <danbock[at]gmail.com> wrote: - quote - > I have a student loan. My tuition for spring semester of
If it's paid in 2005 you have to use it for 2005 taxes.> 2006 will be due in early January of 2006. My loan's > scheduled disbursement date is Dec. 29, 2005. On that date, > the lender sends many thousands of dollars to my school > (electronically, I assume), the school keeps what's due for > tuition and gives the rest to me for living expenses. Can I > use these expenses for the lifetime learning credit in 2006, > or do I have to use them in 2005? (If this question is > addressed in Pub. 970, I can't find it.) No, it's probably not specifically addressed in Pub 970, but the general rule is that everything that happens during your tax year, and only those things, go on your return for that year. Exceptions are specified. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
06-01-2005, 10:04 AM
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| Loan disbursement dates and the Lifetime Learning Credit I have a student loan. My tuition for spring semester of 2006 will be due in early January of 2006. My loan's scheduled disbursement date is Dec. 29, 2005. On that date, the lender sends many thousands of dollars to my school (electronically, I assume), the school keeps what's due for tuition and gives the rest to me for living expenses. Can I use these expenses for the lifetime learning credit in 2006, or do I have to use them in 2005? (If this question is addressed in Pub. 970, I can't find it.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| credit, dates, disbursement, learning, lifetime, loan |
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