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Filing your taxes and deduction

L

LuckyTaxi

Diamond Member
I'm filling out the 1040A form and on line 19 there's something called "Tuition and Fees deduction."
The instruction booklets states that one can deduct up to $3,000 in payments towards tuition.
Obviously you have to be a dependent which is fine, but it states payments can be in credit card
or borrowed funds.

Does this mean my stafford loans can be deducted?
 
i haven't done my taxes yet otherwise i could probably tell you more, but shouldn't they instructions book tell you how to fill out your question 19? the gov't website is a good resource too, you can find your answer probably in 10 minutes.
 
Originally posted by: lilcam
I'm filling out the 1040A form and on line 19 there's something called "Tuition and Fees deduction."
The instruction booklets states that one can deduct up to $3,000 in payments towards tuition.
Obviously you have to be a dependent which is fine, but it states payments can be in credit card
or borrowed funds.

Does this mean my stafford loans can be deducted?
Click to expand...


Sounds like if you used the loans to pay tution and fees then yes.
 
Yup that is my understanding but you'll have to look at the statement you get from your school to see what the breakdown is since I think you can only apply tuition not insurance, activity fees, etc.
 
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