| Author |
Message |
Doug O (Little_o)
New member
Username: Little_o
Post Number: 29
Registered: 6-2002
| | Posted on Thursday, January 23, 2003 - 11:46 pm: | |
Nebula,
As far as your education goes, if this a degreed program by a recognized educational institution, and are attending at least on a half-time basis, than you probably qualify for a "Hope Education Credit", or a "Lifetime Learning Credit." The laptop would definitely be a hard sell to the IRS because of its nature it is what they call a "listed asset." Both of these credits are non-refundable; meaning that if you have no taxable income after working through "Form 1040" to line
60, than the credit goes unused.
The "Earned Income Credit", however is a refundable credit. Meaning that your taxable income could be zero and you can still qualify for the credit. This would result in the IRS giving you a refund check. However, one of the qualifications for the "EIC" is that you must have earned income. Don't know enough about the G.I. bill to know if it is considered earned income. Hope this helps.
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TomD (Tifosi)
Intermediate Member
Username: Tifosi
Post Number: 2355
Registered: 9-2001
| | Posted on Saturday, January 18, 2003 - 7:37 am: | |
normally you have to have some taxable income to earn tax credits - ie you are in a tax paying position. It does not appear you are. You will need to have someone look at your situation in detail locallly, as you do not go into investment income etc etc |
Randy (Schatten)
Member
Username: Schatten
Post Number: 584
Registered: 4-2001
| | Posted on Saturday, January 18, 2003 - 6:46 am: | |
While I can't assist you here, I'm also looking for tax assistance. Things are a bit more complex for me though, dealing with a few companies and no W4's from a company that I've worked for - have only been self employed for the last two years.
If you are an accountant, or can recommend one, perhaps in the Austin/Texas area - if that matters - please let me know. |
Nebula Class (Nebulaclass)
Junior Member
Username: Nebulaclass
Post Number: 114
Registered: 11-2002
| | Posted on Saturday, January 18, 2003 - 2:39 am: | |
Here's my story:
26 years old.
Full-time college student.
2002 Taxable Income: 0.00 taxable income.
2002 Non-taxable income: $10,200.00 (military GI Bill)
Total College expenditures: $240 Tuition
$600 Books
$1200 Laptop
I live in California.
Am I eligible for any sort tax credits? I've been told that I can get reimbursed for some college expenses.
Will I get an Earned Income Tax Credit?
Can anyone give me some guidelines here?
Thanks! |
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