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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. |
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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..... |
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Posted on: 2011/1/25 4:42
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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 |
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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.
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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? |
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Posted on: 2011/1/25 14:25
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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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Quote:
IN a nutshell, he said I cant as it is like a pell grant. |
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Posted on: 2011/1/25 14:39
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