If You're in College and Want a Better Tax Refund.... READ

[Spooner]

if you are in the last two years of college, you can get a quick, simple, and easy $1,000 credit back on your return.

It's called the Lifetime Learning Credit (line 47 of 1040 form).

If you need more details, let me know. 🙂

 

[Spooner]

This also applies to people like me who graduated last May.

 

[Ameesh]

it only works if you made less the 40k last fiscal year.

 

[Capn]

only if you're not a dependent on someone else's tax return. My parents never paid anything for my ugrad and always took the tax credit (the bums 😉)

 

[Spooner]

<< only if you're not a dependent on someone else's tax return. My parents never paid anything for my ugrad and always took the tax credit (the bums ) >>


my rents did the same, except for this year i'm an independent... hear me roar

Ameesh i didn't hear anything about there being a cap

 

[iamwiz82]

<<

<< only if you're not a dependent on someone else's tax return. My parents never paid anything for my ugrad and always took the tax credit (the bums ) >>


my rents did the same, except for this year i'm an independent... hear me roar

Ameesh i didn't hear anything about there being a cap >>



there is a cap. The Hope credit caps at 100,000, also.

 

[AmigaMan]

The IRS has the official info for all this. Some quick tidbits:
If you're in the first two years of post-secondary education (freshman and sophomore years in college) you can claim the Hope credit.
The credit for the Lifetime Learning is 20% of the first ~$5000 of college expenses.
You cannot claim both the Hope and LLC in the same tax year.
IANATaxGuru so look at the IRS publications and then ask a pro.