31
Jan
Jan
is there a rough way to estimate how much I would be refunded on $23,000?
Answer:
You can either take a tuition deduction or a lifetime learning credit. The credit is usually most favorable and the deduction is for people who make too much to get the credit. Go to h&r block's tax estimator. I think the maximum credit is $1500 or $2000 and its based on a percentage of the tuition amount. Based on how much I paid for tuition, I think you would receive the whole credit. (I'm assuming you're not a first or second year student since you paid 23000 out of pocket, otherwise there's a hope credit)
Answer:
You will probably be eligible for the the Lifetime Learning Credit. You can only take up to a certain amount per year but you could get it. Look into that on the IRS website.
This entry was posted
on Thursday, January 31st, 2008 at 11:44 pm and is filed under Taxes.
You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or TrackBack URI from your own site.