[number335]

I get a pretty nice refund this year. Crossing fingers I don't get audited.

[The Ghost of Tom Joad]

Originally Posted by number335

I get a pretty nice refund this year. Crossing fingers I don't get audited.

lol those two phrases in close proximity to each other usually mean shifty accounting

[infinitekidM2C]

too bad you can't write off your gtr repairs tom

[Oregano123]

Education Tax Writeoff

There is 1 deduction above the line and 2 credits. You can only choose one of these 3 tax writeoffs. It depends highly on what your AGI is, your tuition, your withholdings and your out of pocket education-related expenses.

Tuition & Fee deduction
This amount is capped at 4k above the line.

American Opp credit
This is capped at $2,500, of which 60% is nonrefundable (up to $1,500) and 40% is refundable (up to $1,000).

Lifetime Learning Credit
This is capped at $2,000 nonrefundable credit.

[CollinsE90]

Originally Posted by Oregano123

Education Tax Writeoff

There is 1 deduction above the line and 2 credits. You can only choose one of these 3 tax writeoffs. It depends highly on what your AGI is, your tuition, your withholdings and your out of pocket education-related expenses.

Tuition & Fee deduction
This amount is capped at 4k above the line.

American Opp credit
This is capped at $2,500, of which 60% is nonrefundable (up to $1,500) and 40% is refundable (up to $1,000).

Lifetime Learning Credit
This is capped at $2,000 nonrefundable credit.

I didn't work any last year so I wasn't planning on filing. College student, student loans and grants for schooling. I just want to know if I'm eligible.

[Oregano123]

Originally Posted by CollinsE90

I didn't work any last year so I wasn't planning on filing. College student, student loans and grants for schooling. I just want to know if I'm eligible.

depends on a lot of things. do you have other sources of income? are u going to be claimed as a dependent if youre not filing on your own? what year are u in college? etc. most likely you'll be eligible for the $1000 refund from the American Opp

[lopealle]

I havent attempted to file my taxes i guess that something i can look into this weekend. No big rush really

[CollinsE90]

Originally Posted by Oregano123

depends on a lot of things. do you have other sources of income? are u going to be claimed as a dependent if youre not filing on your own? what year are u in college? etc. most likely you'll be eligible for the $1000 refund from the American Opp

Dependent of my dad's return, Junior. How do I go about this, just talk to my dad's CPA? Just like to know as much as possible before I continue.

[Oregano123]

Originally Posted by CollinsE90

Dependent of my dad's return, Junior. How do I go about this, just talk to my dad's CPA? Just like to know as much as possible before I continue.

both the money you paid out of pocket and the numbers on your dad's return would affect which education writeoff is best (most likely the american opp).

[CollinsE90]

Originally Posted by Oregano123

both the money you paid out of pocket and the numbers on your dad's return would affect which education writeoff is best (most likely the american opp).

I'm assuming the other one is for people who pay cash for school, the one you're thinking will be the one I'm eligible for is the lesser of the two and for people who needed help from loans. True?

[Oregano123]

no. the latter 2 are credits. the (higher) american opp is for ppl who are still in the first 4 years of college.

[CollinsE90]

Originally Posted by Oregano123

no. the latter 2 are credits. the (higher) american opp is for ppl who are still in the first 4 years of college.

Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.

[Uber V8]

Originally Posted by CollinsE90

Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.

If this thread results in you getting money that you otherwise had no idea you could get, I'm gonna need 10%

But seriously, update this thread after it ends up on page 3 and let us know how it works out for you

[CollinsE90]

Originally Posted by FwdFtl

If this thread results in you getting money that you otherwise had no idea you could get, I'm gonna need 10%

But seriously, update this thread after it ends up on page 3 and let us know how it works out for you

I tell you what, I'll do that for you. Whatever I get back, I'll buy you something and mail it to you for 10% of what I get.

Our CPA said I'm eligible but the lack of income is questioning it, but I work for my dad all year for free so I guess we can use that.

[Uber V8]

Originally Posted by CollinsE90

I tell you what, I'll do that for you. Whatever I get back, I'll buy you something and mail it to you for 10% of what I get.

Our CPA said I'm eligible but the lack of income is questioning it, but I work for my dad all year for free so I guess we can use that.

That's love bro! But, perhaps you should pay it forward and give that 10% to charity...

Or pour it up for ya boy lol

[Oregano123]

Originally Posted by CollinsE90

Ok so it's a credit, that is refundable up to $1000. Do I put it on my taxes, or dad's.

Sorry for the questions, I know nothing about accounting.

ideally, you would put it on your dad's b/c you have no income. his income (thus a higher tax rate than zero) will be reduced by the nonrefundable credit and he will get that $1000 refund (assuming some other things such as an appropriate amount of withholding, etc).

there are too many moving factors. just hand it to your dad's CPA.

[CollinsE90]

Originally Posted by Oregano123

ideally, you would put it on your dad's b/c you have no income. his income (thus a higher tax rate than zero) will be reduced by the nonrefundable credit and he will get that $1000 refund (assuming some other things such as an appropriate amount of withholding, etc).

there are too many moving factors. just hand it to your dad's CPA.

Thanks for all your help man, I owe you a beer or two

[Blayne]

Originally Posted by number335

I get a pretty nice refund this year. Crossing fingers I don't get audited.

Lmao heats bro

[Seminole]

I hate doing taxes...

[CollinsE90]

Originally Posted by Seminole

I hate doing taxes...

Ironic you're an accountant.

[Seminole]

Originally Posted by CollinsE90

Ironic you're an accountant.

I don't do taxes though, I'm on the audit side.

[CollinsE90]

Originally Posted by Seminole

I don't do taxes though, I'm on the audit side.

Word, I wouldn't like to do them either. My grandmother did it for 30 years, and uncle does it.