What are the tax benefits of being a part time student?
Jun 27, 2009
in
Private Real Estate Loans
I work full time, and make over ,000 as well. I received ~1,000 in fed aid, and took out a ~1700.00 private loan. I'm also paying off a previous school loan. I have not itemized in the past, and not sure what exactly I can write off or qualify even to write off. I rent as well. I have no real estate.
So I take a "credit" for education expenses. What would that knock off my bill, a grand maybe? I paid 800.00 for a summer course, and 200.00 for fall. I spent about a hundred dollars on supplies. I'm paying out of state tuition as well.
Can I write off
-rent
-car
-cell phone (primary phone)
-anything else?
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3 comments
Judy on June 27, 2009 at 3:20 pm
You are most likely eligible for an education credit for a portion of your tuition and fees. You don't have to itemize to take this.
degie on June 27, 2009 at 3:20 pm
you pay less in taxes…much less…..get turbo tax for this year and the program will walk you right thru the process.
Wayne Z on June 27, 2009 at 3:20 pm
You do not have to itemize to be able to deduct student loan interest.
You probably qualify for the lifetime learning credit. A $1000 in tuition will save you $200 in taxes. Not a lot but it is something. The supplies are probably not deductible unless they are required to be purchase from the school.
Your other items:
Rent – Not deductible
Car – Not deductible
Cell Phone – Not deductible