As a student and a full-time employee, should I write off my education costs?
Q: I work full time and go to school and in the past I always used the easy form. Would it benefit me to write off the money I pay for school? -Sean, Canton
The following answer was provided by Wesley Rickard CPA, Quin, Rickard, Lipshires, & Grupp LLP, Norwood.
A: You should look into filing form 1040 to determine your eligibility for the education credits or the deduction for education expenses. If you are on your own and are not claimed as a dependent you are probably eligible for both. A tax calculation is made to determine whether the credit or the deduction gives you the better result (generally the credit). I would also suggest looking at your past three year returns to see if you have overlooked this issue and should file amended returns. Without going into more detail and facts from you, you seem to be paying more in taxes than you should.
Q: I work full time and go to school and in the past I always used the easy form. Would it benefit me to write off the money I pay for school? -Sean, Canton
The following answer was provided by Wesley Rickard CPA, Quin, Rickard, Lipshires, & Grupp LLP, Norwood.
A: You should look into filing form 1040 to determine your eligibility for the education credits or the deduction for education expenses. If you are on your own and are not claimed as a dependent you are probably eligible for both. A tax calculation is made to determine whether the credit or the deduction gives you the better result (generally the credit). I would also suggest looking at your past three year returns to see if you have overlooked this issue and should file amended returns. Without going into more detail and facts from you, you seem to be paying more in taxes than you should.
More:
-
Sign up for:
- Globe Headlines e-mail |
- Breaking News Alerts