ive been told that i can write off the money i spent on applying to grad/professional schools.
then some people say i cant.

i found this online
http://articles.moneycentral.msn.com/Taxes/CutYourTaxes/10bigDeductionsTooManyPeopleMiss.aspx

Quote :

"For 2007, if your adjusted gross income isn't more than $65,000 ($130,000 on a joint return), you can get an above-the-line deduction of as much as $4,000 for any higher-education expenses you paid. Now, the law expires after 2007. So, again, this is one that bears watching, although I see the break getting renewed. See if you qualify for the Hope and Lifetime Learning credits. The Hope credit is worth as much as $1,650 per student subject to income limits for 2007 and $1,800 for 2008. The Lifetime Learning credit is worth as much as $2,000 per return. Compare the credit with the deduction, and go with the one which gives you the biggest benefit. And, if you don't qualify for either credit, you may be able to deduct up to $4,000 in education expenses in 2007 and, one hopes, in 2008. Again, Congress has to renew the break. (I'm sorry if this sounds like a bad record.) "

2/14/2008 1:05:26 PM

No you cant write off the amount spent applying for any school.

2/14/2008 2:14:55 PM

Sorry, you can't write that off

2/14/2008 2:18:31 PM

You'll get a 1098-T from NCSU

and they mark it for 2 semesters $5,391 off

2/14/2008 2:22:24 PM

^ FTW

2/14/2008 2:28:41 PM

2/14/2008 2:36:55 PM

i did mine before I even got my 1098T but I don't know what is what when it comes to this stuff. I needed money asap and it turned my refund from 271 to 722 so whatever I am happy! Wonder if I should have looked at the sheet???

2/15/2008 12:27:48 AM

duhh u can

2/15/2008 12:28:13 AM

^^ um yeah you should have because certain fees don't count on the 1098T (student health fee and transportation fee). Those are two pretty big fees that reduce the total fees paid that count.
Also the 1098T for ncsu was put online about a month ago, so why you didn't look at it, is beyond me.

also books, applications, your computer, etc... don't count for these education credits

[Edited on February 15, 2008 at 12:57 AM. Reason : .]

2/15/2008 12:55:11 AM

so the more fees you put the better? or the less? somehow that part only added 422 to my total...

2/15/2008 12:56:32 AM

^ yeah the higher the number you put the more money you get back, but you likely put to high of a number that won't match the 1098T the IRS has for you

[Edited on February 15, 2008 at 12:59 AM. Reason : .]

2/15/2008 12:58:42 AM

so this 1098T is for current students?

ive been out of school since 06. can i go back and file from 06?

2/15/2008 9:44:26 AM

I thought education expenses (other than student loan expenses) was below line? I would read the IRS website for more information.

2/18/2008 12:55:32 PM