Monday, March 25, 2013

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Unclaimed Education Credit? Get more back in your Tax Refund

Hello Everyone,


I just wanted to post a quick thought on getting tax refunds. As a college student, parent dependent and young & naive ... I did not know that you could claim education credit when you file for taxes. I became aware of this last year 2012 when I went to file my taxes for the first time in my life. I worked a summer job and was very excited to get back what little I did get back. Because I had a full ride scholarship, I did not qualify for the education credit due to me not having to pay anything out of pocket. This is a good thing too :)!

However, on this year 2013 ... I did pay some money out of pocket. One can confirm this by finding the Form 1098 - T and checking to see if the "Amounts billed for qualified tuition and related expenses" is greater than the "Scholarship or Grants" amount. If so then you can qualify for education credit.
1098-T Example: In this case I broke even so no money back.

I am getting back a nice amount due to the education credit. This may be the case for you too! I wrote this in hopes of informing current college students and future college students. If you are in grad school then it is a total different process.


And that is another thing...  if you pay for books, transportation, school supplies out of pocket than you can get money back. Most students do not know this. Check out this list to see what else you could claim.





The expense of learning is definitely an investment!



Thanks for reading,

Kristina ~ ExpenseofLearning Rep: Exposing others to the rising cost of a college education.

2 comments:

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