Taxes: Hope Credit + Fellowship = WTF?
April 9, 2010 12:22 PM Subscribe
Any recommendations for an affordable but good accountant/tax preparer in Tempe/Phoenix, AZ? Bonus points for thorough knowledge of graduate student scholarship/fellowship issues. I think I may need to file an amended return -- please hope me!
I think I may have made an error in my 2009 taxes (already filed/paid, so we're in 1040-X territory). I may qualify for the Hope / Lifelong Learning credit, but it depends on whether or not I reported my tuition expenses correctly.
This tax year, most of my tuition was paid by my federally-funded fellowship via the school (ie, money went from the fellowship program to my department to the bursar), and some I paid out of pocket. I thought I'd handled it correctly by claiming only what I paid out of pocket, but water-cooler chat tells me I could've claimed more of what the school received, and got more back through the Hope credit.
My department can't clarify anything for liability reasons. I'd like to talk with someone local (not a turbotax phone operator) who understands these issues. Any recommendations?
I think I may have made an error in my 2009 taxes (already filed/paid, so we're in 1040-X territory). I may qualify for the Hope / Lifelong Learning credit, but it depends on whether or not I reported my tuition expenses correctly.
This tax year, most of my tuition was paid by my federally-funded fellowship via the school (ie, money went from the fellowship program to my department to the bursar), and some I paid out of pocket. I thought I'd handled it correctly by claiming only what I paid out of pocket, but water-cooler chat tells me I could've claimed more of what the school received, and got more back through the Hope credit.
My department can't clarify anything for liability reasons. I'd like to talk with someone local (not a turbotax phone operator) who understands these issues. Any recommendations?
Response by poster: Whoops, Jacqueline, you're right -- I meant the Lifetime Learning credit. So many documents whizzing around my head right now.
posted by Alterscape at 2:03 PM on April 9, 2010
posted by Alterscape at 2:03 PM on April 9, 2010
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The Hope and American Opportunity Credits are for undergraduates only. As a graduate student you would only qualify for the Lifetime Learning Credit.
posted by Jacqueline at 1:26 PM on April 9, 2010