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TigerU.com Forum Index -> Financial Advice
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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 Posted:
Thu Jan 20, 2005 4:02 pm
Post subject: 2004 Tax Tip |
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For those of you who know about the education tax credit be warned: ONLY TUITION COUNTS! No books, no fees, no dorms. Sucks doesnt it?
You dont have to claim tuition as income unless you actually gain money. For example, if you get $5000 in scholarships and only spent $4000 on tuition, books, dorm... then you have to claim the $1000 extra.
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Thu Jan 20, 2005 4:51 pm
Post subject: Re: 2004 Tax Tip |
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STFU, Your a f’ing lieir. Or the IRS is wrong.
http://www.irs.gov/individuals/article/0,,id=132654,00.html
Tax Trails - Education Tax Credit
What expenses qualify - The credits are based on payments of qualified tuition and related expenses (qualified expenses) for you, your spouse, or a dependent you claim on your tax return. In general, qualified expenses are tuition and fees required for enrollment or attendance at an eligible educational institution. Fees paid for course-related books, supplies and equipment, and student activity fees, are included in qualified expenses only if the fees must be paid to the institution as a condition of enrollment or attendance.
| LEstay wrote: | For those of you who know about the education tax credit be warned: ONLY TUITION COUNTS! No books, no fees, no dorms. Sucks doesnt it?
You dont have to claim tuition as income unless you actually gain money. For example, if you get $5000 in scholarships and only spent $4000 on tuition, books, dorm... then you have to claim the $1000 extra. |
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Thu Jan 20, 2005 4:57 pm
Post subject: Re: 2004 Tax Tip |
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Maybe I was wrong about the fees, but books still are not.
Fees paid for course-related books, supplies and equipment, and student activity fees, are included in qualified expenses only if the fees must be paid to the institution as a condition of enrollment or attendance.
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Thu Jan 20, 2005 5:54 pm
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If your materials are required and you buy them from the school they qualify.
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AWE
Site Admin
Joined: Nov 24, 2002
Posts: 1655
Points : 1436
Location: Baton Rouge, LA
Status: Offline
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Posted:
Thu Jan 20, 2005 6:06 pm
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You aren't required to purchase books.. let alone purchase them FROM the university.
Unless you attend Barnes and Noble University.
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Thu Jan 20, 2005 6:45 pm
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| AWE wrote: | You aren't required to purchase books.. let alone purchase them FROM the university.
Unless you attend Barnes and Noble University. |
I guess LSU is a little different. In the past I had taken classes like chemical safety were it was absolutely required that every student in the class bought a new copy of the materials. Some lab class had extra lab fees that included the cost lab manuals. Many classes would also have extra fees that related to the large amounts of photocopying of materials.
I have had many classes that the prof required you buy a specific book, and it might be mentioned in the course catalogue as required.
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Christian
I've been around a while
Joined: Sep 06, 2004
Posts: 219
Points : 30
Status: Offline
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Posted:
Thu Jan 20, 2005 9:04 pm
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What about the lab manuals that are written my teachers at LSU for specific course and specific semester? Ex. "Lab manual for 1208/1209 spring 2005 semester"
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LEstay
All Around Nice Guy
Joined: Jun 09, 2004
Posts: 1064
Points : 900
Location: Houston, Tx
Status: Offline
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Posted:
Thu Jan 20, 2005 9:14 pm
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Not required and not specifically from the university.. sorry
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MrTrunks
Veteran Poster
Joined: Aug 22, 2004
Posts: 643
Points : 120
Status: Offline
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Posted:
Thu Jan 20, 2005 10:28 pm
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| LEstay wrote: | | Not required and not specifically from the university.. sorry |
your wrong LEstay, no stop lying to the children.
My required materials cost have shown up on my 1098-T for the duration of my time at University.
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enzfyr
I've been around a while
Joined: Sep 19, 2003
Posts: 346
Points : 138
Location: Red Stick
Status: Offline
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Posted:
Fri Jan 21, 2005 3:58 pm
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yo lando, i do recall chem lab requirements during my tenure that were required to be paid at the door to the university b4 one was allowed admittance to said lab - to me, that seems to comply with quoted IRS reg
again, there are other fees/expenses that aren't mandatorily paid to university, as AWE pointed out, which would fit your pointed-out category
however, for anyone who is using proceeds of a Coverdell ESA or 529 college savings plan to pay those expenses, they lose the deduction, but are allowed to withdraw & use those funds tax-free for tuition, room & board, books, fees, computer expenses, etc. - basically, the reasonable costs one can expect to incur as described in the university catalogue
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