It's 2017 Income Tax Time and I have a question

[High_Order1]

I wasn't sure where to place this. (shrugs)


It's tax time. Has anyone applied their costs from SL, Sophia, E4C, etc., towards the block on the tax form? Can you? Is it worth it? Tips, thoughts?

[High_Order1]

This is what turbotax says:

American Opportunity Credit

The American Opportunity Credit can save you up to $2,500 in tax for the education expenses of each eligible student. To qualify, the student must pursue a degree at a school that is eligible to participate in the federal student aid program. The credit is only available to students in their first four years of attendance, who enroll at least half time for one academic period during the tax year and do not possess a felony drug conviction.

The credit amount includes the costs you incur for tuition, fees and course-related books, supplies and equipment necessary to attend the institution. If the credit amount exceeds the amount of tax you owe, you can receive up to $1,000 of the credit as a refund.
Lifetime Learning Credit

Lifetime Learning Credits are available to all taxpayers who attend at least one course during the year at an institution eligible to participate in the federal student aid program. It is not necessary that the student pursue a degree or certification to qualify, and it's available for any year of study. The credit covers the cost of tuition and fees plus any amount for books and supplies you are required to purchase directly from the school.

This credit is of particular value to those students attending postgraduate programs. As of 2016, the maximum benefit of the credit is $2,000. However, the lifetime learning credit is nonrefundable if it exceeds your tax bill for the year.
Tuition deductions

If you prefer to claim a deduction for your school expenses rather than a credit, the IRS allows you to deduct some of your tuition and fee payments. Since this is not an itemized expense, anyone can take the deduction. One thing to keep in mind is that you can never claim more than one educational tax benefit per student, per year. You cannot claim a tuition deduction and a tax credit in the same year for the same student.

[alzee]

Which box do you mean, and on which form?

I'm just barely starting to get into the tax stuff myself for the year, but as someone who is ineligible for the LLC, I will be using the AOC. I've already received my 1098-T from TESU and it alone is more than the maximum I can claim through the AOC, so I am also looking for "clever" ways I might get some of the other (SL, especially) expenses deducted.

Edit: If not the AOC, then maybe the "Tuition & Fees" deduction. It allows up to $4000, vs the $2500 through the AOC. SL etc. are not eligible as they are not an actual educational institution though.

[davewill]

Assuming you mean the tax credits, I don't think they can be. From the IRS:

Q5. What are qualified expenses for purposes of the education tax credits?
A. In general, qualified expenses for the education tax credits include tuition and required fees for the enrollment or attendance at an eligible post-secondary educational institution. ...

Q18. How do I know if my school is an eligible institution?
A. A student can check with the educational institution. However, this link from the Department of Education, http://ope.ed.gov/accreditation/, shows all accredited schools. If your school is found using this link, then it is an eligible institution and you can claim the American opportunity tax credit.

Since these the companies are not accredited schools, it would be a no go.

[High_Order1]

Here is the IRS's page:

https://www.irs.gov/publications/p970/ch06.html


I am thinking since SL (I think, pls correct)can't take a Pell grant, then no. (shrugs). Oh well, every penny counts for me and a little research only costed me time. Thought I'd share...

[videogamesrock]

The tax credit is only for courses taken at a Title IV school. In order to receive the maximum benefit the school must confirm on your 1098T attendance and if you were full time or part time. Unfortunately the ACE courses will not qualify.

Pell Grant users greatly benefit from this as they can take free courses and get money back when filing.

[High_Order1]

Which box do you mean, and on which form?

Sorry,

I'm a little tired, and I think we all posted at the same time.

What I had meant was where ever this applied when doing taxes. I wasn't at the point where I could differentiate the various programs.

[alzee]

Sorry,

I'm a little tired, and I think we all posted at the same time.

What I had meant was where ever this applied when doing taxes. I wasn't at the point where I could differentiate the various programs.

Gotcha. There are a ton of tax programs, but there are few to none that will directly reimburse for things like StraighterLine. All the costs at TESU should count though, including the residency waiver; I got my 1098-T from them weeks ago and it's for almost $3000; I took one 1cr class through them and 1 TECEP, the rest was the residency waiver, graduation fee, etc.

[humbleAMG]

Glad someone asked, I was thinking for the same thing as I am racking up SL credits. At least when I take my cornerstone with COSC I will receive a 1098 in 2017

[videogamesrock]

I would use it as a deduction for continued education or educational expenses. It would not help with the American Opportunity Tax Credit which I believe 2017 will be the year it expires.


3. The Lifetime Learning Credit This credit can help pay for undergraduate, graduate and professional degree courses – including courses to improve job skills – regardless of the number of years in the program. Eligible taxpayers may qualify for up to $2,000 – $4,000 if a student in a Midwestern disaster area – per tax return.