Taxes

biochemtine · 02-04-2006, 03:07 PM

I have a question that I'm hoping y'all can answer.

Is a non-accredited flight academy eligible for the tuition and fees deduction for income taxes?????

How would I find out?

roz · 02-04-2006, 04:11 PM

If they are eligible to participate in a Student Aid program funded by the US Dept of Education, you can deduct tuition and fees. The school should be able to tell you that.

This tells you more:

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

biochemtine · 02-04-2006, 09:34 PM

Thanks Roz. I looked there already and didn't see more specific explanations of eligible schools. I figure they're a vocational program. If he didn't have his BS already he'd be eligible for grants through the school, so I guess that makes him eligible for the deduction???

We claimed it. It made the difference between paying $300 and getting $300.

trigeek · 02-06-2006, 11:48 AM

Ah... i was waiting for someone to bitch about taxes. Is it okay add my own piece? I hate them and this year is the worst! I telecommute from NY State so I have to pay my taxes to NY (which I didn't know). Since my taxes were taken in CO all year I have to pay a late fee to NY. Ick!

So after a few days of confusion I get $900 back in CO and owe NY about $900. At least it was even. I will have to file separate NY state taxes every year I keep this job. Does that mean I'm still a NY resident? There are so many NY telecommuters like me, they should add a "virtual" member to the State Government. No taxes without representation!

MQAAord · 02-06-2006, 08:10 PM

Bill finished ours yesterday.

Thanks to all the interest we've paid on our mortgages, we got down to the 15% tax bracket. We're getting $5k back from fed, $1k back from Indiana, and $300 back from Illinois.

We'll be needing that $ to pay the bills for March because we'll be having a VERY low couple of months. (Reserve, and then VAC but he's already used all the $ from his VAC bank.)

Also, we'll be paying for my real estate appraisal classes, and mom's plane ticket to come down to watch the kids during those classes. Also for a swingset/jungle gym for the boys.

fly-girl · 02-07-2006, 11:54 AM

An accredited school is required to send out a 1098-T form for tax purposes. The form lists the tuition charges and payments made for 2005.

roz · 02-07-2006, 04:51 PM

You're right! I forgot about that!

biochemtine · 02-08-2006, 11:29 AM

Well shoot.
So then if I get audited we may get caught on that.

Crap.

roz · 02-08-2006, 05:53 PM

Since everything is computerized, it doesn't take an audit. I once transposed a number on the 1099's about two years ago. They sent a letter that they were adjusting my refund due to my error since my total on the 1099's did not match the total reported to the IRS.

biochemtine · 02-09-2006, 12:04 AM

Hmm .... nice.

We'll see what happens. They didn't catch my mistake last year, so maybe they won't this year either.

I remember not having to send in 1098s in the past, so maybe they won't notice it???

If it gets caught, I'll use my state taxes to pay my federal taxes I suppose.

02-04-2006, 03:07 PM	#1 (permalink)
biochemtine Jetgirls Ol' School Member Join Date: Sep 2003 Location: San Francisco Bay Area Posts: 630 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	Taxes I have a question that I'm hoping y'all can answer. Is a non-accredited flight academy eligible for the tuition and fees deduction for income taxes????? How would I find out?

02-04-2006, 04:11 PM	#2 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,312 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Taxes If they are eligible to participate in a Student Aid program funded by the US Dept of Education, you can deduct tuition and fees. The school should be able to tell you that. This tells you more: http://www.irs.gov/publications/p970/ch06.html

02-04-2006, 09:34 PM	#3 (permalink)
biochemtine Jetgirls Ol' School Member Join Date: Sep 2003 Location: San Francisco Bay Area Posts: 630 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taxes Thanks Roz. I looked there already and didn't see more specific explanations of eligible schools. I figure they're a vocational program. If he didn't have his BS already he'd be eligible for grants through the school, so I guess that makes him eligible for the deduction??? We claimed it. It made the difference between paying $300 and getting $300.

02-06-2006, 11:48 AM	#4 (permalink)
trigeek Jetgirls Member Join Date: Oct 2004 Location: Colorado Springs, CO Posts: 178 Recipes: Thanks: 6 Thanked 1 Time in 1 Post	Re: Taxes Ah... i was waiting for someone to bitch about taxes. Is it okay add my own piece? I hate them and this year is the worst! I telecommute from NY State so I have to pay my taxes to NY (which I didn't know). Since my taxes were taken in CO all year I have to pay a late fee to NY. Ick! So after a few days of confusion I get $900 back in CO and owe NY about $900. At least it was even. I will have to file separate NY state taxes every year I keep this job. Does that mean I'm still a NY resident? There are so many NY telecommuters like me, they should add a "virtual" member to the State Government. No taxes without representation!

02-06-2006, 08:10 PM	#5 (permalink)
MQAAord Jetgirls Ol' School Member Join Date: Aug 2003 Location: A Happy Place Posts: 668 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taxes Bill finished ours yesterday. Thanks to all the interest we've paid on our mortgages, we got down to the 15% tax bracket. We're getting $5k back from fed, $1k back from Indiana, and $300 back from Illinois. We'll be needing that $ to pay the bills for March because we'll be having a VERY low couple of months. (Reserve, and then VAC but he's already used all the $ from his VAC bank.) Also, we'll be paying for my real estate appraisal classes, and mom's plane ticket to come down to watch the kids during those classes. Also for a swingset/jungle gym for the boys.

02-07-2006, 11:54 AM	#6 (permalink)
fly-girl Jetgirls Member Join Date: Apr 2004 Location: CVG Posts: 126 Recipes: Thanks: 1 Thanked 0 Times in 0 Posts	Re: Taxes An accredited school is required to send out a 1098-T form for tax purposes. The form lists the tuition charges and payments made for 2005. __________________ Dyane "Work like you don't need the money, love like you've never been hurt, and dance like you do when nobody's watching"

02-07-2006, 04:51 PM	#7 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,312 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Taxes You're right! I forgot about that!

02-08-2006, 11:29 AM	#8 (permalink)
biochemtine Jetgirls Ol' School Member Join Date: Sep 2003 Location: San Francisco Bay Area Posts: 630 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taxes Well shoot. So then if I get audited we may get caught on that. Crap.

02-08-2006, 05:53 PM	#9 (permalink)
roz Jetgirls Ol' School Member Join Date: Oct 2003 Location: Philly Posts: 2,312 Recipes: Thanks: 0 Thanked 6 Times in 6 Posts	Re: Taxes Since everything is computerized, it doesn't take an audit. I once transposed a number on the 1099's about two years ago. They sent a letter that they were adjusting my refund due to my error since my total on the 1099's did not match the total reported to the IRS.

02-09-2006, 12:04 AM	#10 (permalink)
biochemtine Jetgirls Ol' School Member Join Date: Sep 2003 Location: San Francisco Bay Area Posts: 630 Recipes: Thanks: 0 Thanked 0 Times in 0 Posts	Re: Taxes Hmm .... nice. We'll see what happens. They didn't catch my mistake last year, so maybe they won't this year either. I remember not having to send in 1098s in the past, so maybe they won't notice it??? If it gets caught, I'll use my state taxes to pay my federal taxes I suppose.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)