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Education Tax Credit?

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  • Education Tax Credit?


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Answer #1 | 19/12 2013 10:00
Generally you can claim the qualified education expenses actually paid through personal funds or loans. Expenses paid with grants or scholarships do not count. Please note that if you can be claimed as a dependent on another person's tax return you do not qualify for an education credit. Instead, the person who claims you gets the credit regardless of who paid the expenses.
Answer #2 | 19/12 2013 10:48
the education credits are for education expenses only if you have grants and scholarships any of that money you do not use for education expenses will be income to you
Answer #3 | 19/12 2013 11:33
Costs minus grants. Loans don't figure into the ed credits.
Answer #4 | 19/12 2013 11:38
The extra left over that does not cover school expenses, if it is a grant, is taxable income.
Answer #5 | 19/12 2013 12:00
Here's an example: Grant of $5000. Loan of $4000. Tuition is $4000. Rest is spent on housing and food. No credit at all and taxable income of $1000 because the grant exceeded the tuition.

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