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Print in friendly format Send this term to a friend  Sheet Molded Compound
Also known as SMC.

This is the stuff that all C4 Corvettes are made of.

It’s similar to fiberglass, but much more durable.

The only issu...
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Steve40th Tax question..
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I am currently letting my wife use my GI BILL, which is a great benefit I am able to give to her for her continued higher education. I know she is smarter than me, hence, lets send her to get her Masters etc.
Anyways, the GI BILL literally sends the tuition needed to the college she is going to.
So, can I claim this on my taxes as college expenses? I cant find any literature to say yes or no. It just states on the form you use to figure it out as college expenses, not how you got the money.
Posted on: 2011/1/25 3:11
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Andrew Re: Tax question..
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You should ask your tax prep professional as there are always exceptions. I can tell, with the info you listed, you cannot claim as a tax deduction. If you personally wrote the check to cover expenses, yes, you can claim, however, if the funds went directly to the school, no, you cannot. The theory is that you are getting your taxes back on fees used for education, i.e., those funds are not pre taxed. In this case, you did not pay tax on the funds used to pay for education, so no tax benefit. See qualifications of use:

http://www.irs.gov/newsroom/article/0,,id=213044,00.html

Again, this is my professional opinion, but I'm not a tax accountant, only a finance / investment guy. Let us know what you find out! I'm kind of a finance dork, so I'm curious.....
Posted on: 2011/1/25 4:42
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2003 Atomic Orange Z06

Sold - 1996 Competition Yellow LT4 - DRM 383, NX N2O, Line Lock, LT Headers, 3" stainless exhaust, Power Effects, and many more mods

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Andrew Re: Tax question..
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Here's another interesting read. I still don't believe you will get a tax deduction.

http://www.military.com/education/con ... n-education-expenses.html
Posted on: 2011/1/25 4:46
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2003 Atomic Orange Z06

Sold - 1996 Competition Yellow LT4 - DRM 383, NX N2O, Line Lock, LT Headers, 3" stainless exhaust, Power Effects, and many more mods

SOLD 1996 Competition Yellow LT4
SOLD 1979 4 Speed with 383
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Steve40th Re: Tax question..
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I just got a tax pro to tell me. Its weird because we received a 1098. I am not going to claim it.
Posted on: 2011/1/25 5:22
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Andrew Re: Tax question..
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That is odd you got a 1098. Maybe it's similar to a dividend distribution. Some dividends are taxed, some are not, but regardless, you still get a 1099-DIV.

I think your decision is wise. What did the tax pro tell you?
Posted on: 2011/1/25 14:25
_________________
2003 Atomic Orange Z06

Sold - 1996 Competition Yellow LT4 - DRM 383, NX N2O, Line Lock, LT Headers, 3" stainless exhaust, Power Effects, and many more mods

SOLD 1996 Competition Yellow LT4
SOLD 1979 4 Speed with 383
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Steve40th Re: Tax question..
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Quote:

Andrew wrote:
That is odd you got a 1098. Maybe it's similar to a dividend distribution. Some dividends are taxed, some are not, but regardless, you still get a 1099-DIV.

I think your decision is wise. What did the tax pro tell you?

IN a nutshell, he said I cant as it is like a pell grant.
Posted on: 2011/1/25 14:39
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