The IRS Deductions Blog

Posts Tagged ‘college’

Question: I live in NJ, If I buy ny 529, can I get tax deductible? or does NJ 529 has tax deductible?

Answer: New Jersey also has a 529 College savings plan. It would appear that the NJ plan may offer greater benefits than the NY plan. But you likely need to by the plan in the state in which you will be paying state income tax to get the greatest benefit.

Items on Amazon Right Now for Tax Deductible 529:

Cogeco Cable Posts Strong Results Stemming from Solid Growth in the Canadian Operations and Increases its Dividend …

MONTREAL, QUEBEC– – Today, Cogeco Cable Inc. announced its financial results for the third quarter and first nine months of fiscal 2011, ended May 31, 2011.

Recovery: Education Credits – Students

Question: Will my finance company find out if I raise my deductible?

They require me to have a $500 Deductible but I am trying to find a way to lower my bill. Will they find out if I raise it to a $1000 deductible?

Answer: Yes, because as soon as the policy is changed, they get a copy of it.

However, many finance companies these days will allow you to raise the deductible that high; if you’ve got a decent credit score and a standard loan, and are not “upside down” on the value of your car.

Items on Amazon Right Now for Deductible Financing:

Is a 529 Plan Right For College Savings?

Tips for saving for college.

Financial Advantages Of Owning Your Own Business

Question: canadian student loan interest

is canadian student loan interest deductible on a u.s. tax return. american student loan interest is but i don’t know about canadian student loan interest

Answer: You need to ask that question in the US tax forum, it has nothing to do with Canadian taxes.

Items on Amazon Right Now for Student Loans Deductible:

Tax Tip: Deduct Your Student Loan Interest

You can deduct up to $2,500 in interest paid on qualified student loans (that is, those used for post-secondary education, such as college or vocational school) for yourself, your spouse or your dependent as an “adjustment to income” on Page 1 of your Form 1040. You do not have to itemize to benefit from this deduction. To claim a deduction you must have the “primary obligation” to repay the …

I’m Using Turbo Tax

Question: If I receive financial aid can I get the college tuition and fees deduction on my taxes?

Is it strictly for people that pay out of pocket?

Answer: If you didn’t pay, why would you be able to “double dip” by also claiming a tax deduction??? You will be able to benefit on your taxes for eligible college costs paid by loans, but not those paid by grants or scholarships.

Items on Amazon Right Now for Tuition And Fees Tax Deduction:

To-do list: Buy flowers, file tax return

So what could valentines and income taxes have in common? As it turns out, Monday is a big day for both this year. Feb. 14, of course, is the traditional date for Valentine’s Day — the special day of the year when romantics ply their sweethearts with flowers, chocolates and dinner.

How to Complete a 1040A Tax Form : 1040A Lines 18- 21 Overview

Question: Are the payroll tax and Massachusetts income tax deductible from ferderal income tax?

I know student loan interest, health care, and public transportation are tax deductible.

This in total takes $2,800 off my annual salary. There is also about another $9,000 for personal exception and standard deduction, and another $450 from losses in the market last year.

I just wanted to know if mass income tax of 5.3% is deductible and the 7.65% payroll tax are deductible.

Also are any federal, payroll, student loan interest, standard deduction, personal exception, etc.. deductible for massachusetts income tax? I haven’t been able to find any info on this while searching.

I guess I should add, is the personal exception different from the standard deduction?

Can I do Itemized Deductions and still use the $3,500 personal exemption?

Answer: You can deduct your state income tax paid if you itemize. You cannot deduct the payroll tax on your federal tax return. Half of your Medicare and Social Security withholding can be deducted on your Massachusetts tax return up to $3,000.

You can take your student loan interest as an adjustment on your 1040, not as an itemized deduction.

Health care can be deduction as long as it is greater than 7.5% of your AGI. If your health insurance premiums are taken out of your taxes pretax, you cannot deduct them as they were not subject income tax.

You cannot take both itemized deductions and standard deduction. It is one or the other.

Public transportation is NOT a deduction unless it was for work related activities and NOT commuting. It is also subject to 2% of AGI floor.

Federal taxes are not deductible on the MA tax return.

Items on Amazon Right Now for Deductible Student Loan Interest:

BRIEFLY: Dec. 2

See what’s happening in and around the Tri-towns.

Nurses and the Affordable Care Act