As inevitable as death…

December 29, 2007 1:25 PM

Recommendations on a good online summary/overview of educational tax credits and deductions in the US?

Some details: I’m an adult, living in Mass, working full time and attending grad school. Expenses are tuition, books, supplies, etc. I’m just looking to get an idea of what (if any) of my expenses might work in my favor come 15 April. And yes, I know you’re not my tax professional, and I should talk to a tax professional. I will, but want to do some homework ahead of time. Thanks!

posted by NotMyselfRightNow to work & money (3 comments total)

You're looking for Publication 970.

You can't claim the Hope credit if you've already completed the first two years of postsecondary education (i.e. Freshman and Sophomore year of college), so you probably don't need to bother with that part.
posted by "Tex" Connor and the Wily Roundup Boys at 1:41 PM on December 29, 2007

I am not a tax professional, but I would look into whether you can deduct things like a notebook computer and some fraction of your monthly internet bill as research expenses.
posted by zippy at 2:23 PM on December 29, 2007

I don't think there's a deduction for "research expenses."

Both the section 25A Lifetime Learning credit and the section 222 tuition and related expenses deduction refer to "tuition and related expenses," but I don't think "related expenses" is broad enough to cover "research expenses."

Section 25A(f)(1) defines "tuition and related expenses" to include only tuition and fees "required" for enrollment, but not including non-academic fees. Section 222(d)(1) just adopts the section 25A(f) definition.

"Section" refers to a section of title 26 of the U.S. Code.
posted by "Tex" Connor and the Wily Roundup Boys at 2:40 PM on December 29, 2007