Marcus Said:

what are the tax benefits for college students and tuition?

We Answered:

Yes, student loans are considered paying out of pocket because you'll be paying all of that money back. Yes, you can claim this as a credit on your 2009 taxes. I believe it's up to $2,500, but I'm not positive.

Alice Said:

Did they pass a bill for college students to get mooney back on their taxes?

We Answered:

The only thing I heard that was passed is students can claim a new credit on their tax return to get more back. This only goes for students who have paid for a portion of their tuition through their own money or loans. Books can also go towards it but only if they were paid through the student's school account.

Kristen Said:

Where is the best place online to do taxes for college students?

We Answered:

Go to the IRS website at www.irs.gov, and click on the Free File link. It'll let you choose your provider. I have been using H&R Block through this link for the last 6 years. As long as you link to the provider through the IRS site, it is completely free.

Sara Said:

Do I need to file taxes? (college student)?

We Answered:

1 If you are a degree candidate and if the financial aid (includes scholarship and fellowship) is for tuition fee, other fees, books, supplies and equipment, then it is not taxable. For a degree candidate aid for boarding and travel are taxable.
If you are not a degree candidate, then all the financial aid is taxable

Scholarship and fellowship grants not reported on Form W-2 are included in your wages income. Also, enter “SCH” and the amount on the dotted line next to line 7 of Form 1040 (or line 1 of 1040EZ or line 7 of 1040A). However, if you were a degree candidate, include on line 7 only the amounts you used for expenses other than tuition and course-related expenses. For example, amounts used for room, board, and travel must be reported on line 7.

2. Even if you are a minor or dependent, you must file your tax return (Form 1040EZ or 1040A or 1040) if your income exceeds the filing requirements. Also even if you are not required to file and have a refund, you should file to get the refund.
If someone can claim you dependent, then you can not claim your own exemption.

Everett Said:

Should i file taxes? college student/work study/ mom put me already as a dependent?

We Answered:

Hi Angelica.

I'm Mike, and I work for TurboTax.

Yes, go ahead and file a 2008 tax return. Just like Cat said, be sure to select "Someone else can claim me as a dependent."

Sounds like your taxes should be pretty straight forward. If you want to give it a shot, plug a few numbers into the free edition of TurboTax. You can save your info and run it by your mom before you file.

http://turbotax.intuit.com/

Hope this helps!

Mike M, TurboTax writer/editor

Glenda Said:

Taxing College Students?

We Answered:

Let's question a few basic assumptions in your argument:
(1) What things, in particular, do the citizens of California not need? If this is truly outright waste, why did the voters send those people to Sacramento?
(2) Are any of those unneeded things mandated by federal law? Keep in mind that your state has a *huge* burden from required services to people paying little or no taxes.
(3) Which of those items can be cut from the budget without the voters protesting and removing the responsible legislators from office.

This last item, after all, is the bottom line. For the most part, the legislature is spending on these items because the federal government or the body politic will fire them if they don't. If the legislature as a whole represents the choices of the voters, what does that say about the public? It's not *that* hard to vote for someone who *does* represent your interests; you usually have 3-6 choices for each contested office, plus the option of a write-in vote.

That said, I infer that the tax on college credits is based on an assumed "ability-to-pay" grounds (one of the three basic taxation vectors). By the way, if you think the tuition are so expensive, you're welcome to try pricing a similar product elsewhere. I believe you'll find that you're paying very little of the cost of teaching you each course: there are nearly unbelievable state, federal and alumni subsidies for your education. Also, let's see *you* supply low-volume books at the prices the publishers are charging. Yes, there's a significant mark-up for a few stages, as in any commercial venture, but it would take a viable self-publishing industry and a lot of local authors to supplant the current methods. The overhead of a new textbook surprised me when I looked it up, wondering the same thing in my school years.

I understand the frustration: you want to improve yourself. After a dozen years of publicly-endowed education, you're suddenly expected to pay a fraction of the actual cost yourself. The shock is palpable. It seems as if *someone*, that ubiquitous *they*, should provide a clear, cheap means for you to continue improving. Our system doesn't work that way: the free lunch is over. Even though less than half the cost falls on you now, it's a big hit.

I suggest that you research the actual costs and devote your time to developing a superior system. However, remember that at all points in your new proposal, you will need to identify the changes in actual costs, and who will bear those costs. If you can find a more effective system for all concerned (or a majority of the legislature), you'll be a hero and get honorary, if not actual, doctoral degrees from everywhere between Grant's Pass and Tijuana.

Yes, I think you're being unreasonable -- but remember that "all progress depends on the unreasonable man." You are the future: go for it!

Mario Said:

Do you get any money back on taxes (2010) for college students?

We Answered:

Get a copy of IRS publication 970 and read about the American Opportunity Credit, which *is* partially refundable.

Requirements:
1. File Married Filing Jointly.
2. PAY for tuition out of pocket. (Loans are okay)