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Author Topic: LSAT, LS Apps and Taxes  (Read 1841 times)

Ginatio

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Re: LSAT, LS Apps and Taxes
« Reply #10 on: June 08, 2004, 02:31:55 PM »
For claiming 1k of law school education prep fees on top of the 20k you'll be laying down for first year's tuition? I highly doubt it.

Besides, to the extent of my knowledge, all educational expenses can be claimed, and it would be hard for them to prove that I intentionally lied on my taxes if it turns out that I can't claim law school prep costs--which I still believe is claimable.


and possible penalty in the form of fines and if you really do it up right they could invite you to the pen

jgruber

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Re: LSAT, LS Apps and Taxes
« Reply #11 on: June 08, 2004, 02:49:06 PM »
why are all educational expenses deductible?  this is contrary to what i've read.

For claiming 1k of law school education prep fees on top of the 20k you'll be laying down for first year's tuition? I highly doubt it.

Besides, to the extent of my knowledge, all educational expenses can be claimed, and it would be hard for them to prove that I intentionally lied on my taxes if it turns out that I can't claim law school prep costs--which I still believe is claimable.


and possible penalty in the form of fines and if you really do it up right they could invite you to the pen

Duner

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Re: LSAT, LS Apps and Taxes
« Reply #12 on: June 08, 2004, 03:40:28 PM »
you can't claim anything except tuition. you might be able to get away with a prep course, but i know from experience you are not allowed to claim books, laptops, etc.

Ginatio

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Re: LSAT, LS Apps and Taxes
« Reply #13 on: June 08, 2004, 03:41:49 PM »
I'm no tax lawyer, so I couldn't tell you why, but I remember filling out my 2003 taxes on H&R Block's e-file program, and it had a section where you could claim all of your educational expenses for 2003 as well as any incurred up to the April 2004 deadline--obviously, if you don't claim those up to the 2004 deadline, you can claim them on next year's return.

why are all educational expenses deductible?  this is contrary to what i've read.

For claiming 1k of law school education prep fees on top of the 20k you'll be laying down for first year's tuition? I highly doubt it.

Besides, to the extent of my knowledge, all educational expenses can be claimed, and it would be hard for them to prove that I intentionally lied on my taxes if it turns out that I can't claim law school prep costs--which I still believe is claimable.


and possible penalty in the form of fines and if you really do it up right they could invite you to the pen

dsong02

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Re: LSAT, LS Apps and Taxes
« Reply #14 on: June 08, 2004, 03:43:06 PM »
you can't claim anything except tuition. you might be able to get away with a prep course, but i know from experience you are not allowed to claim books, laptops, etc.

you can claim tuition?

i thought you could only deduct the interest on tuition loans paid that year.
'why does it hurt so much when i poke it?'

nathanielmark

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Re: LSAT, LS Apps and Taxes
« Reply #15 on: June 08, 2004, 03:45:03 PM »
i think you can claim up to 3K of tuition or something like that.  if you have good tax software it will prompt you about this. 


you can't claim anything except tuition. you might be able to get away with a prep course, but i know from experience you are not allowed to claim books, laptops, etc.

you can claim tuition?

i thought you could only deduct the interest on tuition loans paid that year.

jacy85

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Re: LSAT, LS Apps and Taxes
« Reply #16 on: June 08, 2004, 03:47:39 PM »
Tuition and expenses are deductable under the $1000 lifetime learning credit.  This is supposed to be used for continuing education, college ed, grad school, etc.  Everyone is elegible as long as no one claims you as a dependent (like your parents), which, for most on this board, isn't an issue.  You can claim this every year of your life for the amount of your expense or $1000, whichever is lower.

I don't know if lsat prep counts for this, so I'd ask an accountant before claiming, since studying for the lsat isn't exactly "education"

I'm also not sure about application fees.  Those could be included, but it's not an expense directly related to paying tuition and is more an administrative cost, so again, I'm not sure.  Check with an accountant.

isaacgames

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no tax lawyers in training here
« Reply #17 on: June 08, 2004, 05:31:14 PM »
First off:--

Lifetime learning credit is up to 2k per year.  You must be attending school that year (calendar) and while the expenses are incurred.

Second:

Tuition and maybe books are deductible and that is it.  You cant even deduct those student services fees or student organizations.  This is at the rate of 20 % up to the 2k.  So, my 16k of tuition for sem 1 comes to 3200 at 20%.  Therefore I easily claim the 2k off of my taxes due(which will come in handy for sem 2).

The good news is that if you move to go to school (must be farther than your last deductible move)- you get to deduct this cost from your income.

All Stafford loan interest and maybe private loan interest is deductible.




jacy85

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Re: LSAT, LS Apps and Taxes
« Reply #18 on: June 08, 2004, 06:23:02 PM »
My friend is an accountant, and she took the credit this year for her last semester of school.  She told me it was $1000...(I asked her about for me, but my dad claimed me one last year, cheap bastard. j/k  :))

isaacgames

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Re: LSAT, LS Apps and Taxes
« Reply #19 on: June 08, 2004, 06:49:27 PM »
In 2003 the educational net amount was doubled from 5 to 10k.-- from fool.com: '

Beginning in 2003, the amount of the lifetime credit will increase. Starting in 2003, the maximum amount of qualified tuition and expenses that can be used to determine the Lifetime credit for a tax year will increase to $10,000. So, after year 2002, the maximum credit will be $2,000 (20% of $10,000). '