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| *The Commerce Journal>>>Other Taxes |
I am a part time college student. Can I deduct the money I paid for books and classes from my taxes? |
I am a part time college student. Can I deduct the money I paid for books and classes from my taxes? You can get an education credit for some of your tuition and fees if you are not a dependent - if you're a dependent of your parents, they would get the credit. Books and computers aren't eligible expenses for education credits unless you are required to purchase them from the school as part of taking the class - some people think they are, and report them and take credits for the amount, but when the IRS catches it, they'll have to pay back the money. Buying them from the school bookstore doesn't change it, or count as being "required to buy" as part of the class.. If you are on your own (not being a dependent of your parents or anyone else) you can claim education expenses, which include tuition and fees. You have to be a student on at least a half-time basis to claim the deduction. If you are in your first two years of college you can claim either the Hope Credit or the tuition and fees deduction, and the Lifetime Learning Credit or tuition and fees deduction for any years beyond the first two. The credits are non-refundable credits though, so to get any money back, you have to have a tax liability to pay, and the credits can't reduce your liability below $0. There are income limits for the credits and the deductions. Yes there is a form for that. I got reimbursed for a computer and books last year. |
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