First year filing w/ college freshmen

Discussion in 'Budget Board' started by aprilvaca04, Jan 21, 2008.

  1. aprilvaca04

    aprilvaca04 <font color=purple>Baby Alive scares me!<br><font

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    This is the first year we will be filing with a college student. Are there specific things we should be looking for? Are any of the many expenses deductable? I know this is rather broad I am just looking for a place to start. Should I be receiving paperwork/tax forms from her school? any info would be helpful. Thanks!:confused3
     
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  3. BethR

    BethR <font color=red>On Thread Killer Patrol<br><font c

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    You should look for a form coming from the school. I don't recall the number on it , but it will give the amount of tuition that was paid by you for the year.

    You will apply for the Hope Credit (up to $2500, I believe). Any money that you used to pay for tuition (and maybe books too) can be put towards this credit. Room, board, and any kind of "fees" can not be used towards this credit.

    Good Luck!
     
  4. Melissa_E

    Melissa_E Friends don't let friends try the beverly!

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    Fill out the FAFSA. You can do this online and estimate your annual income.
     
  5. trip

    trip family trip planner

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    I think the OP is referring to their IRS tax forms.
     
  6. tar heel

    tar heel <font color=royalblue>Where will we get our news i

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    The school will send you a tax statement that tells how much of what your paid qualifies -- scholarships and grants are noted on the form and reduce the amount you can claim. If you claim the student as a tax deduction, the amount is yours to claim even if the student, grandma, a 529, a loan, etc., paid the tuition. The income limits are not super high, though. Somewhere around $80,000 (it goes up slightly each year), the credit starts being pro-rated and is actually phased out for people making around $110,000. (I've not looked up the exact figures this year, but I have had a kid in college for six straight years!)
     
  7. aprilvaca04

    aprilvaca04 <font color=purple>Baby Alive scares me!<br><font

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    Thanks to everyone for the info posted so far. I did know about the FAFSA as we had to file this last year. I was wondering about any IRS stuff. I will just wait and see what we get from her school.
     

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