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+--- Thread: Tax Deduction (/Thread-Tax-Deduction)
Tax Deduction - masrat858 - 12-16-2017
Have any of us been able to deduce tax on SL, Study.com, etc. expenses? Would you please mind explaining the steps if so?
RE: Tax Deduction - dfrecore - 12-16-2017
(12-16-2017, 05:19 PM)masrat858 Wrote: Have any of us been able to deduce tax on SL, Study.com, etc. expenses? Would you please mind explaining the steps if so?
You can't, as they aren't schools. You can only deduct tuition, so it must be at a school, not a course provider.
"Education expenses are only tax deductible for postsecondary tuition and associated fees. This would include community colleges, universities, trade or vocational schools and pretty much any other accredited education program following high school."
RE: Tax Deduction - jamshid666 - 12-16-2017
In order to deduct education expenses, you need to receive a Form 1099-T. Since SL, Study.com, et.al. aren't real schools, just businesses that happen to have their courses evaluated for ACE credit, they are not authorized to produce such a form.
RE: Tax Deduction - Life Long Learning - 12-16-2017
(12-16-2017, 10:08 PM)jamshid666 Wrote: In order to deduct education expenses, you need to receive a Form 1099-T. Since SL, Study.com, et.al. aren't real schools, just businesses that happen to have their courses evaluated for ACE credit, they are not authorized to produce such a form.
Also can't make over some income level?
RE: Tax Deduction - rlw74 - 12-17-2017
Will TESU automatically send out a 1099 or do I need to contact them and ask for one? It's been quite a while since I've been in school and thought about deducting education expenses.
RE: Tax Deduction - Life Long Learning - 12-17-2017
You do NOT need a Form 1098-T per below!
Q20. I did not receive a Form 1098-T because my school is not required to provide a Form 1098-T to me for 2016. Can I still claim an education credit for tax year 2016?
A20. Yes. You can still claim the AOTC if you did not receive a Form 1098-T because the school is not required to provide you a Form 1098-T for tax year 2016 if:
- The student and/or the person able to claim the student as a dependent meets all other eligibility requirements to claim the credit,
- The student can show he or she was enrolled at an eligible educational institution, and
- You can substantiate the payment of qualified tuition and related expenses.
https://www.irs.gov/credits-deductions/individuals/education-credits-questions-and-answers
RE: Tax Deduction - davewill - 12-17-2017
But it still has to come from an accredited school.
RE: Tax Deduction - Life Long Learning - 12-17-2017
(12-17-2017, 12:13 AM)davewill Wrote: But it still has to come from an accredited school.
Sent from my Nexus 7 using Tapatalk
RA?
NA?
DETC?
RE: Tax Deduction - jamshid666 - 12-17-2017
(12-17-2017, 12:22 AM)Life Long Learning Wrote:(12-17-2017, 12:13 AM)davewill Wrote: But it still has to come from an accredited school.
Sent from my Nexus 7 using Tapatalk
RA?
NA?
DETC?
Direct quote from https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eligible-educational-inst
"An eligible educational institution is a school offering higher education beyond high school. It is any college, university, vocational school, or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education.
This includes most accredited public, nonprofit and privately-owned–for-profit postsecondary institutions.
If you aren’t sure if your school is an eligible educational institution:
• Ask your school if it is an eligible educational institution, or
• See if your school is on the U.S. Federal Student Aid Code List.
TIP: A small number of schools, not on this list, may be eligible educational institutions. So, you may need to ask the school."
The big clue here is that programs like StraighterLine, Study.com, and others are not eligible for student aid programs from the DoE, therefore they are not eligible to be counted as a tax deduction. Student aid includes more than just need-based assistance, it also includes government-backed student loans.
RE: Tax Deduction - Life Long Learning - 12-17-2017
I make too much money for these tax brakes, but if I was able too I would take them!
