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Question about college financial aid and income taxes
DS started college last year. He received financial aid that paid for his whole first quarter plus his books. Will we get anything in the mail regarding the financial aid he received to use for our income tax when we file? I'm all new to this and don't have a clue!
WE LIVE IN THE LAND OF THE FREE, ONLY BECAUSE OF THE BRAVE
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01-05-2012 11:17 AM
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Yes you will. You should receive paperwork for any aid & student loans. It has to be sent before January 31st. Let me know if you need help. I have 6 years of experience.
Insanity is hereditary. You get it from your kids.
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Thanks! I will have questions, but I'll see what all comes up before tax time!
WE LIVE IN THE LAND OF THE FREE, ONLY BECAUSE OF THE BRAVE
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can you also claim tuition that you paid on taxes for a son living in our home? That was out of pocket!
Last edited by tarbabie; 01-06-2012 at 11:46 AM.
Waiting for cooler weather- want to get outside and do some walking- Loose more weight!
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Yes. I would have to check how much when I get home. I am just not 100% certain how much. Right now my brain is focused on working on our business taxes & that is an entirely different framework.
Did you pay for the tuition out of pocket or did you take out student loans?
My ds will probably never be finished paying off his student loans until I die. The thought of $125,000 makes my head spin plus the thought of his not finding a job in his field makes me want to scream at the school for telling my child the benefits of continuing his education from his Associates Degree to his B.D.. I want to scream at him to listening to the school & not to his older, wiser Mum who had to support his arse for the 5 years he was in school. Let me point out he did work the entire time he was in school.
Sorry to take over your post. He did get a promotion today at work but I'm sorry but we didn't pay all of that money to go to college to work at a job his Associates Degree would have sufficed.
Insanity is hereditary. You get it from your kids.
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Let me add...if you are dealing with Sallie Mae/FASA you, the parent, are responsible for your child until age 22. Every year we filled out these forms I had to get a letter from my EX's attorney stating that my son's father was not intending to pay a penny towards his support.
Insanity is hereditary. You get it from your kids.
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You can claim tuition you paid for a dependent minor in your home. You can claim the American Opportunity Credit (used to be the Hope credit and Lifetime Learning credit) It is up to a $2500 credit on tuition, books, supplies, etc 9NOT room and board or transportation)...as long as you pass the income criteria, which is I think under $80,000 single filer. You reduce your tax owed dollar for dollar, and $1000 is reversible, meaning you can actually get money back on your refund, like the Earned Income Credit. You will get a form from your school. If you don't get it by Jan 31st, CALL. They are required to have to it you BEFORE Feb 1st.
The credit can be used for 4 years per student, you can claim more than one student for more than one credit, and you can claim on cash out of pocket OR student loans, just no grants or scholarships.
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Originally Posted by
gocards
You can claim tuition you paid for a dependent minor in your home. You can claim the American Opportunity Credit (used to be the Hope credit and Lifetime Learning credit) It is up to a $2500 credit on tuition, books, supplies, etc 9NOT room and board or transportation)...as long as you pass the income criteria, which is I think under $80,000 single filer. You reduce your tax owed dollar for dollar, and $1000 is reversible, meaning you can actually get money back on your refund, like the Earned Income Credit. You will get a form from your school. If you don't get it by Jan 31st, CALL. They are required to have to it you BEFORE Feb 1st.
The credit can be used for 4 years per student, you can claim more than one student for more than one credit, and you can claim on cash out of pocket OR student loans, just no grants or scholarships.
Actually on the filing date it has to be post marked by January 31st like other tax forms. It can take the post office 2 or 3 months to actually deliver it if they choose.
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