<removeps-groups[at]yahoo.com> wrote:

- quote -

Even the IRS advises ignoring the 1099-T since they're so unreliable. A
1099-T is not required to claim an education tax benefit, and it's fine to
work from your record of payments to the institution.

--
Phil Marti
Clarksburg, MD

--
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On Aug 3, 7:22 pm, maxed_out41 <netsurfer...[at]yahoo.com> wrote:

- quote -

Did you receive a 1099-T from the institution? If you took the course
this year, you should receive this 1099-T early next year. So you can
ask the institution if they are qualified and issue a 1099-T.

Were you required to purchase the $80 book from the university as a
condition of your enrollment? If no, then the book is not deductible.

- quote -

Hope credit is only for the first two years of college, and may
sometimes be more than the lifetime learning credit. The lifetime
learning credit is 20% of qualified expenses, up to a maximum amount.
There's also the tuition and fees deduction. A good computer program
or tax preparer will figure out the best choice for you. All of these
credits/deductions get phased out if your income is too high. The
tuition and fees deduction vanishes as your AGI passes certain income
levels -- ie. it does not phase out gradually.

The source is

http://www.irs.gov/publications/p970/

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

"maxed_out41" wrote:

- quote -

Possibly. See IRS Publication 970. Check out the tuition and fees
deduction and the lifetime learning credit. If this was business related
there's also information about that.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

I have a question regarding last years taxes. I currently owe money
to the government / IRS and have not yet filed my taxes.

My question is if I had paid for a college class which was about $400
or almost this amount in tuition and paid for a book that was about
$80 ... is there a tax credit or deduction that I could use to grant
me the ability to pay less taxes.

I read something about a Hope Tax Credit or a Lifetime Learning
Credit ... What do these apply to? Could I use one of these? If I
can get a deduction or use a tax credit for this...which form would
apply to this?

Thanks in advanced for any helpful response.

MC

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >