The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Other Taxes

Taxes - New York - College Tuition Credit?

Here is my situation. I am filing Married Filing Joint and my Wife gets a form 1098-E showing interest paid on a student loan ($290.41). The classes were completed a couple of years ago so she DID NOT ATTEND classes AT ALL in 2007, but is still paying the loan off. We took the "Student Loan Interest Deduction" for Federal Purposes. We do NOT itemize. Can we use the interest paid as "College Tuition Credit" for NY purposes (yes the intitution qualified and we are full time NY residents) - I should get $200 on line 68 of Form IT-201, correct?

Student loan interest is different that college tuition, so if you didn't pay tuition, just loan interest, no you can't just substitute it

no this is interest not tuition. you took the tuition credit when she received the loan to pay for the tution.

Tags
　　Boston 　　Austin 　　Atlanta 　　Other - Business & Finance 　　Other Taxes 　　United States Taxes 　　United Kingdom Taxes 　　Spain Taxes 　　Singapore Taxes 　　Mexico Taxes 　　Ireland Taxes
Related information
  • Are house property taxes deductible?

    Yes, they are deductible in the year paid, assuming you itemize you deductions.

    ...
  • My income tax returns was direct depostied into my acct. I have closed out my acct. What do I need to do?

    If your bank account to where you refund was sent was closed, then your rebate check will be mailed to you. Report your change of address to the IRS on Form 8822: ...

  • Not the same checking account for tax rebate checks????

    Yes, if your account to where your refund was sent has been closed, your rebate check will come in the mail.

    ...
  • If I send my taxes via US mail today, that's considered filing on time, right?

    yes today is a last day you could mail them sooo they will get on time do not worry :)

    ...
  • Can I use Turbotax 2007 edition or do I have to get 2008 for this years taxes?

    TurboTax 2007 edition is what you use to file your taxes based on your 2007 income that you file by April 15, 2008. TurboTax 2008 will not be issued until late this year for returns filed in 2009....

  • I am 16 i earned under 400 in 2007 do i need to file a 1040 ez?

    No, you are not REQUIRED to file, but you SHOULD file if any federal income tax was withheld from your pay so that you can receive a complete refund.

    ...
  • If you make less then a certain amount do you have to file it in your taxes or can you leave it out?

    $3000 or less....don't have to file

    ...
  • Question about address change for taxes?

    Here is a link with instructions and a form to download and send in. You should do this ASAP. ...

    • 　

    Commerce Categories--Copyright/IP Policy--Contact Webmaster