interactive tax assistant interview summary

Print this page Answers to Your Questions About Credits Can I claim the American opportunity credit, the lifetime learning credit, or the tuition and fees deduction? You are not eligible to claim the American opportunity credit. The student has completed the first four years of postsecondary education. You are eligible to claim the lifetime learning credit. You can claim qualified education expenses which are: Tuition, Expenses for courserelated books, supplies, and equipment that must be paid to the institution as a condition of enrollment or attendance, and Studentactivity fees related to an academic course of instruction You are eligible to claim the tuition and fees deduction. You can claim qualified education expenses which are: Tuition, Expenses for courserelated books, supplies, and equipment that must be paid to the institution as a condition of enrollment or attendance, and Studentactivity fees related to an academic course of instruction How do I claim the credit or deduction? Complete Form 8863, Education Credits, to calculate the education credit and attach it to your tax return. As you qualify to claim more than one education benefit, you must choose which education benefit to claim. If you choose to claim the tuition and fees deduction rather than a credit, complete Form 8917, Tuition and Fees Deduction, to calculate your tuition and fees deduction and attach it to your tax return. Enter the deduction on your Form 1040 or 1040A on the line labeled, "Tuition and Fees Deduction". What other information do I need to know? You must reduce the qualified education expenses paid by any taxfree educational assistance and refund(s) you received. Your credit may be limited by your tax liability and other nonrefundable credits.

Upload: allisonarchitecture

Post on 01-Oct-2015

8 views

Category:

Documents

3 download

Report

Download

Embed Size (px):

DESCRIPTION

I WAS SO FRUSTRATED TODAY THAT I DISTRACTED MYSELF BY READING TAX FORMS AND GLOSSARIES. OH, BTW, IT'S MY FUCKING BIRTHDAY.

TRANSCRIPT

Printthispage

AnswerstoYourQuestionsAboutCredits

CanIclaimtheAmericanopportunitycredit,thelifetimelearningcredit,orthetuitionandfeesdeduction?

YouarenoteligibletoclaimtheAmericanopportunitycredit.

Thestudenthascompletedthefirstfouryearsofpostsecondaryeducation.

Youareeligibletoclaimthelifetimelearningcredit.

Youcanclaimqualifiededucationexpenseswhichare:

Tuition,Expensesforcourserelatedbooks,supplies,andequipmentthatmustbepaidtotheinstitutionasaconditionofenrollmentorattendance,andStudentactivityfeesrelatedtoanacademiccourseofinstruction

Youareeligibletoclaimthetuitionandfeesdeduction.

Youcanclaimqualifiededucationexpenseswhichare:

Tuition,Expensesforcourserelatedbooks,supplies,andequipmentthatmustbepaidtotheinstitutionasaconditionofenrollmentorattendance,andStudentactivityfeesrelatedtoanacademiccourseofinstruction

HowdoIclaimthecreditordeduction?

CompleteForm8863,EducationCredits,tocalculatetheeducationcreditandattachittoyourtaxreturn.

Asyouqualifytoclaimmorethanoneeducationbenefit,youmustchoosewhicheducationbenefittoclaim.

Ifyouchoosetoclaimthetuitionandfeesdeductionratherthanacredit,completeForm8917,TuitionandFeesDeduction,tocalculateyourtuitionandfeesdeductionandattachittoyourtaxreturn.EnterthedeductiononyourForm1040or1040Aonthelinelabeled,"TuitionandFeesDeduction".

WhatotherinformationdoIneedtoknow?

Youmustreducethequalifiededucationexpensespaidbyanytaxfreeeducationalassistanceandrefund(s)youreceived.

Yourcreditmaybelimitedbyyourtaxliabilityandothernonrefundablecredits.
Review/ChangeDataYourGeneralInformation

Whattaxyearareyouaskingabout?2014

Whatisyourfilingstatusfor2014?Single

YourIncome

Whatisyouradjustedgrossincome?$4,566

GeneralInformation

Areyoubeingclaimedasadependentonanothertaxpayer'sreturn?No

During2014,wasthestudentenrolledatapostsecondaryeducationalinstitutioneligibletoparticipateinastudentaidprogramadministeredbytheU.S.DepartmentofEducation?Yes

Foratleastoneacademicperiodbeginningduring2014,wasthestudentenrolledatleasthalftimeinaprogramleadingtoadegree,certificate,orotherrecognizededucationalcredential?Yes

Whoisthestudent?Youarethestudent

Weretheeducationexpensespaidduring2014?Yes

Weretheeducationexpensespaidforanacademicperiodthatbeganduring2014orthefirst3monthsof2015?Yes

Whopaidtheexpenses?You

Whatportionoftheexpenseswaspaidwithtaxexemptfunds?Part

Wasarefundreceivedforanyeducationalexpensespreviouslypaidfor2014?Yes

WasadistributionfromaCoverdellESAorQualifiedTuitionProgram(QTP)usedtopaytheexpenses?No

Areyouclaimingtheseeducationexpensesanywhereelseonyourtaxreturn?No

Hasthestudentreceivedfouryearsacademiccreditforpostsecondaryeducationbeforethebeginningof2014?Yes

Doyouknowtheamountofyouradjustedgrossincome(AGI)for2014?Yes

Areyouclaiminganyforeignearnedincomeexclusionordeduction(Form2555orForm2555EZ),orexcludingincomefromPuertoRico,AmericanSamoa(Form4563)?No

AreyoufilingForm8903,DomesticProductionActivitiesDeduction?No

Areyoueligibletobeclaimedasadependentonanothertaxpayer'sreturn?(Doyouqualifytobeadependentofyourparentorsomeoneelseeventhoughtheymaynotclaimyouontheirtaxreturn?)No

DisclaimerTheconclusionsabovearebasedoninformationprovidedbyyouinresponsetothequestionsyouanswered.Thisdoesnotconstitutewrittenadviceinresponsetoaspecificwrittenrequestofthetaxpayerwithinthemeaningofsection6404(f)oftheInternalRevenueCode.

Close