December tax law changes mean 1040 filers claiming college deductions will have to take special steps.
- “Taxpayers must file Form 1040 to take this deduction for up to $4,000 of tuition and fees paid to a post-secondary institution. It cannot be claimed on Form 1040A.
The deduction for tuition and fees will be claimed on Form 1040, line 35, “Domestic production activities deduction.” Enter “T” in the blank space to the left of that line entry if claiming the tuition and fees deduction, or “B” if claiming both a deduction for domestic production activities and the deduction for tuition and fees. For those entering “B,” taxpayers must attach a breakdown showing the amounts claimed for each deduction.”
Breakdown, as in itemized list, not what you’ll go through if you wait till April 15th to start. — BEN POPKEN
Special Steps Needed for Paper 1040 Filers to Claim Late Tax Changes [IRS]
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I have seen this new information in several different places on the web, and although this may seen like a simple question I have never seen it answered. Am I able to claim maney paid towards a student loan? (stafford-loan) Thanks
Broncobrian : you can claim a deduction on the taxes paid on your student loan. I’ve done so for the last 2 or 3 years.
What the heck is “Domestic production activities deduction”??
You can claim the interest only that you’ve paid on your student loan.
I did my taxes this morning — free on-line for both state and federal taxes through the IRS efile website (ultimately choosing TurboTaxFreedom or whatever the hell it’s called). You have to make less than $57k/yr. Hey! Not a problem for a grad student. The whole thing worked like a charm, and prompted all the right questions about tuition and student-loan-interest deductions.
One FYI — apparently the feds aren’t taking efiles “until the first week of February” so that they can update their computers to reflect some changes to tax law.
fancy way of sayin’ “hookin’”, synergy
synergy
Drug sales.