The IRS Deductions Blog

Posts Tagged ‘taxmba’

Question: TAX Question – I paid my brother’s tuition fees for year of ‘06. Lives in Canada. Is it TAX deductible

My brother studies in Canada. I paid $15,000 for his tuition for the year of 2006. I even paid expenses for my parents who live in Dubai. Can i write these amounts off in my taxes for 2006. I mean is there any way i can get some tax break for these amounts. Please let me know. Thanks in advance.

Answer: Assuming that they are not your dependents, then no you can’t write off the espenses.

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Helping Out for Dec. 30, 2009

Helping Out highlights some of the many charitable events and activities going on in the Charleston area. Submissions should be sent to dailyjournal@scbiznews.com .

Personal Financial Planning Tips : How to Use College Tuition as a Tax Deduction

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Dyslexia program tuition was a deductible medical expense.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on October 1, 2005. The length of the article is 663 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Dyslexia pro…

Call for computers, PJC’s Corsair celebrates 60, Eagle Scout soars

Chain Reaction wants computers, Corsair turns 60, Baptist Health Care gets first Eagle Scout.

Burleson Opportunity Fund

Have you ever though of going back to school? About getting a scholarship? Is being a mom becoming a hindrance to your goal? Or worrying about your tuition fee? These questions will be resolve by applying for grants and scholarship. There are scholarship programs that are offered for single mothers. Being a mom is noble especially if you have no partner at home. You have to do all the work taking care of the kids while earning a living. Mostly single moms nowadays are very young and haven’t been able to finish college. But, if you are willing to go back to school here are your options. Student loans Student loan s is offered to students to aid them with their tuition fees and school expenses. These loans usually come with a minimal interest rate. This must be paid but it may be hard for you pay for the loan especially if you have kids. Government grants Government grants are given to moms that are going back to college. These programs change from year to year so it’s up to what grants are going to apply. Scholarships Scholarships maybe offered by an individual person, by a company or even the university. If you already choose a university, inquire about the scholarship they offer and go to the financial aid department.

They will guide you in the right direction. Here are some of the scholarships offered for single mother for free: The Arkansas Single Parent Scholarship Fund -This scholarship is specific for single mothers only but is available for residents of Arkansas. Able Wolman Fellowship -This scholarship may award you up to $20,000 and may be renewable. There no required GPA. This is offered to those students who are taking up Doctorate or adult students who is willing to pursue and finish his or her studies as far as possible. Yellow Ribbon Scholarship -This is another example of free scholarship for single mom. It may grant you up to $3500 per but with a requirement of a minimum 2.5 GPA or higher. This scholarship offers aid to men and women with disability issues who need the money to pay for the tuition. Young Communicators Fellowships -This scholarship is for students who are pursuing communications course. Also free scholarship for mothers. No GPA requirement. They will award you $2500 for your educational expenses and another $2500 for traveling and housing. If you really want to go back to school you can always find ways to resolve your problems. Always remember that it is for you and your kids’ future.

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School funding cuts dominate state legislative forum

As three local state legislators gave a Saturday morning update on the current legislative session, a recurring topic dealt with an issue that they and their colleagues had virtually nothing to do with: Statewide funding cuts for public schools.

MeltDown #411 EMERGENCY ECONOMIC STABILIZATION

Question: Tax Deductions for Tuition and Student Loans Interest?

In the US, are BOTH the tuition and interest on the loans tax deductible?

I got a student loan for the first time this year. I’ve always just paid the tuition, and wrote it off taxes for the year that the tuition was paid.

This year I took a loan for the full amount of tuition. Will I be able to deduct both the expense and the interest off the taxes? Or do I have to pick one or the other?
I don’t have any other Itemized Deductions this year besides education.

Any relevant IRS link for research/reference is appreciated.

Answer: You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. To determine whether your expenses are qualified, refer to Publication 970 (http://www.irs.gov/publications/p970/index.html) , Tax Benefits for Education. You do not have to itemize to take this deduction. You can claim qualified tuition and fees as either: (1) an adjustment to income, as directed above; or (2) a Hope or Lifetime Learning credit, or (3) if applicable, as business expenses.

You cannot take the tuition and fees deduction on your income tax return if your filling status is married filing separately, or if you are claimed as a dependent on someone else’s return. The deduction is reduced or eliminated if your modified adjusted gross income exceeds certain limits, based on your filing status. You cannot claim the tuition and fees deduction and a Hope or Lifetime Learning credit for the same student. If the educational expenses are also allowable as a business expense, the tuition and fees deduction may be claimed in conjunction with a business expense deduction, but the same expenses cannot be deducted twice.

You cannot claim a deduction or credit based on expenses paid with tax-free scholarship, fellowship, grant, or education savings account funds such as a Coverdell education savings account, tax-free savings bond interest or employer-provided education assistance. The same rule applies to expenses you pay with a tax-exempt distribution from a qualified tuition plan, except that you can deduct qualified expenses you pay only with that part of the distribution that is a return of your contribution to the plan.

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Almanac

MEETINGS

Assembly Democrats Commentary on Assembly Passage of the FY 2010 Budget (A-4100)

Question: under what law/provision in the IRS that states piano tuition,ballet,etc are Not Tax Deductible?

Answer: You are attempting to call piano lessons child care. Piano lessons fall under TUTORING and are not allowed. See last sentence below. You are not paying the piano teacher to watch your child, you are paying them to teach your child. The IRS makes a distinction between the two.

From the 2441 instructions:
Care of the Qualifying Person
Care includes the cost of services for the qualifying person’s well-being and protection. It does not include the cost of clothing or entertainment.

You can include the cost of care provided outside your home for your dependent under age 13 or any other qualifying person who regularly spends at least 8 hours a day in your home. If the care was provided by a dependent care center, the center must meet all applicable state and local regulations. A dependent care center is a place that provides care for more than six persons (other than persons who live there) and receives a fee, payment, or grant for providing services for any of those persons, even if the center is not run for profit.

You can include amounts paid for items other than the care of your child (such as food and schooling) only if the items are incidental to the care of the child and cannot be separated from the total cost. But do not include the cost of schooling for a child in kindergarten or above. You can include the cost of a day camp, even if it specializes in a particular activity, such as soccer. But do not include any expenses for sending your child to an overnight camp, summer school, or a tutoring program.

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Dyslexia program tuition was a deductible medical expense.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by Thomson Gale on October 1, 2005. The length of the article is 663 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Dyslexia pro…

Not Just One Terrible Idea, But Two!

http://www.JewishWorldReview.com | It’s interesting that the Democrats are attempting to roll two of their highest priorities into one bill this month. The labyrinthine legislative legerdemain called health care reform now includes a reconciliation package that would fold in student loan reform.

Danielle Video: A Plea for assitance