On Feb 5, 1:37*pm, Sallymae <opm...[at]yahoo.com> wrote:

- quote -

Generally, only tuition is deductible, although books may be if they
are required for enrollment and paid to the school. Note that medical
expenses still don't qualify.

http://www.irs.gov/publications/p970/ch06.html#d0e5975
Related expenses. Student-activity fees and expenses for course-
related books, supplies, and equipment are included in qualified
education expenses only if the fees and expenses must be paid to the
institution as a condition of enrollment or attendance.

You should also consider the Lifetime credit, which gives you up to
$2,000. By contrast, the student loan deduction may be worth a
maximum of about 28% of 4000, or $1,120. Your software or tax
preparer shouild tell you the best route as well as the exact numbers,
and the effect on state tax.

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"Sallymae" <opmmp3[at]yahoo.com> wrote
- quote -





Any and all education deductions are based on how much you ~~paid~~ for the
education. So your personal expenses don't play into the credits. The
school should have sent a 1098T that reports your qualified educational
expenses. It will not be inclusive of your personal expenses.





--
Paul A. Thomas, CPA
Athens, Georgia

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For part of last year, I was a full time graduate student while my
husband was a full time worker. To help with tuition and the bills, I
used some student loans to pay for my education and part of the bills.

In my student statements, part of the total tuition charges included a
check, which is a portion of my student loans, for my personal
expenses (partly related to school i.e. bills, books, etc.). Do I
include or exclude this from my calculations for education deductions?

Thank you!

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >