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basic tax question

C

chipy

Golden Member
i'm not too familiar with filing income taxes but let me get this straight:

it's eigther i take the standard deduction (i'm single) or itemize, but not both?

can i take the standard deduction and also claim tuition deduction if i go to school?

thanx
chipy
 
Yes, i was a former accounting student, took that HORRENDOUS individual tax course.

You can claim tuition along w/ the standard deduction.

EDIT----> more detail
Itemized deductions are on schedule A and Schedule B.... Since tuition is on not on there, it is therefore not an itemized deduction, and you CAN take standard deduction and drop tuition(of coruse, w/ various conditions applied)
 
Right now, i am studying Management. Im in my last year and want to go into Law school next year and study TAX LAW (ha, of all things) i loved the TAX aspect of accounting, but hated every other aspect of accounting.
 
interesting... i'm a dual major in info sys and human resources.

i was never great with numbers but hopefully i can change that in the near future.

thanks again
chipy
 
yea...thanks for the clarification JS80. and "top of the line deduction", hahahaha, im not sure many ppl will understand that term

....chipy, i wanted to do "info systems' but my thought at the time was it woul;dn't make sense w/o a COMP SCI degree...i think i was obviously wrong (and oh yea, i coudn't get comp sci because i SUCKED at calculus....yes i am good at numbers...kinda weird huh...i guess im just really good at arithmetic......)

 
Standard deduction when single.

Hope Credit for first two years of post high-school educations - 50% credit of allowed expenses.

Lifetime Learning Credit afterwards. 20% of allowed expenses.

The tax thread should show up within the next couple of weeks.


/edit spelling
 
Originally posted by: EagleKeeper
Standard deduction when single.

Hope Credit for first two years of post high-school educations - 50% credit of allowed expecses.

Lifetime Learning Credit afterwards. 20% of allowed epxenses.

The tax thread should show up within the next couple of weeks.
Click to expand...



www.irs.gov

Expenses that qualify are tuition and fees required for enrollment or attendance at any college, vocational school, or other post-secondary educational institution eligible to participate in the student aid programs administered by the Department of Education.

Qualified expenses do not include books, room and board, student activities, athletics (unless the course is part of the student's degree program), insurance, equipment, transportation, or other similar personal, living, or family expenses. The cost of books and equipment are generally not qualified expenses because eligible educational institutions usually do not require that fees for such books or equipment be paid to the institution as a condition of the student's enrollment or attendance at the institution.
 
Just E-file with Quicken Tax(it's free for federal filing, they charge I think 20 bucks to e-file your state returns, which I never do. VA's taxation department lets you e file for free at their web site)
 
Depending on the state and also your income level/situation, E-filing may be available for free.

The IRS web site will have informatino on that soon.
 
Originally posted by: chowderhead
can someone/parent claim you as a dependent on their tax forms?
Click to expand...

As long as they provide more than 50% of your support (in most cases).
There are 5 categories/rules that the IRS uses.

When you are claimed as a dependent, then your deduction on your tax return will decrease.

 
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