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#4
04-10-2006, 06:35 AM
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 Re: Tuition deduction when tuition was paid with student loans Seth and Bill are correct...I misread the part about the disbursement and missed the student loan part and somehow got it in my head that the disbursement was a from her employer. Sorry about the incorrect info. Rudy www.LizcanoTaxServicesLLC.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
04-09-2006, 04:24 PM
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| Re: Tuition deduction when tuition was paid with student loans LTSLLC wrote: - quote - > You can only deduct what you actually paid so the answer is
The OP paid the tuition with borrowed funds. That means theOP paid the tuition. The tuition credits or deduction (whichever is better) is available to these taxpayers. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
04-09-2006, 04:24 PM
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| Re: Tuition deduction when tuition was paid with student loans - quote - > You can only deduct what you actually paid so the answer
He did actually pay it. The fact that he borrowed the money> is no. he used to pay it is irrelevant (given that he has to pay back the loan). Seth << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
04-08-2006, 10:24 AM
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| Re: Tuition deduction when tuition was paid with student loans Nate, You can only deduct what you actually paid so the answer is no. Rudy www.LizcanoTaxServicesLLC.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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04-07-2006, 06:18 AM
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| Re: Tuition deduction when tuition was paid with student loans As long as you or she is responsible for paying back the loans, these count as funds provided by you. So yes, you can still claim education credits (or tuition and fees deduction) for the tuition and fees paid with student loans, subject to the phase-outs for these deductions/credits. Dennis << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
04-06-2006, 04:27 AM
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| Tuition deduction when tuition was paid with student loans I am working on my 2005 Federal and Arizona taxes. In 2005 my wife received a disbursement of about $8.5K to pay for her education expenses, including tuition. My question is can I claim the tuition amount as a deduction, even though it was the student loans that paid for the tuition? Thanks, Nate << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deduction, loans, paid, student, tuition |
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