The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>United States Taxes

Claiming tuition on my Wisconsin income taxes?

Hi there, For the year I have so far paid just over $10,000 for tuition and books, I was wondering if I am able to claim this on my taxes. I claim myself and thats it. Im single, no kids and work full time and make about 12,000 a year. I am 20 years old and pay rent. i don't know if any of that info is important or not but I was wondering how much of the tuition i can claim and then how much I could expect to see back? Thanks so much!

First off, books are not tuition. Yes, I know they are horribly expensive, but that doesn't make them a qualified education expenses. (If the school supplies the books on the first day of class and itemizes them on the tuition bill, then yes.)

Second, *you* can go to revenue.wi.gov and look at the Wisconsin forms to see if there is any mention of tuition.

On your federal tax return, you can claim an education credit for a portion of your tuition and fees (NOT books). The amount you'd save would depend on a number of things you don't say in your question. It won't be anything close to most of what you paid though. If you are in your first two years of post-secondary schooling you might qualify for a Hope Credit, otherwise most likely for a Lifetime Learning Credit. Look at form 8863, Education Credits.

Tags
　　Austin 　　Atlanta 　　Other - Business & Finance 　　Other Taxes 　　United States Taxes 　　United Kingdom Taxes 　　Spain Taxes 　　Singapore Taxes 　　Mexico Taxes 　　Ireland Taxes 　　India Taxes
Related information
  • Why not just keep lowering the AMT limit until everyone pays it?

    Everyone is for the AMT as long as it does NOT affect them!!!! I think this is a great idea, the only problem is that it will not get passed. As soon as it has the chance of hitting more than 4...

  • How do I get rid of my Social Security Number?

    You can't. Even dying won't unlink you from your SSN. There is no way to avoid paying income taxes other than earning less than the filing requirement amount, $8,750 for 2007. Ther...

  • If I transfer a 2nd mortgage to a credit card with a lower APR, can I still deduct the interest for taxes?

    The first answer is correct. Only if the credit card debt was secured by your home could you deduct the interest.

    ...
  • I work as a consultant for a company, can I deduct my mileage to/from work everyday on my taxes?

    If their office is your main place of work, and it sounds like it is since you talk about "to/from work everyday", then no, from home going to work and back is commuting expense and not d...

  • So with the irs messing up many of the tax forms?

    Both. As soon as the forms are updated, you could do your tax return on paper and mail them in--but so will 3.5 million other people, so the forms will stack up at the IRS service center. Whe...

  • I claim 4 exemptions during the year if I claim 0 on my W-4 does that mean more money in my pocket monthly?

    if you claim 4 exemptions and you have less than 4 dependents including yourself - you could wind up owing taxes. switching to 0 exemptions will reduce your take home pay and increase the taxes wit...

  • I have recently filed chapter 13. How long do my creditors have to file a claim before I dont have to pay them

    90 days. What kind of payment does your plan propose? There may be no point in unsecured creditors filing a claim.

    ...
  • Pay child support, claim children?

    Who gets to claim the kids is usually worked out in the divorce agreement. Generally it is the one paying the support.

    ...
    • 　

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