Career Path > Tax Q&A
Feel free to post your tax questions
traveltax:
--- Quote from: thenukeman on Dec 29, 2012, 11:03 ---Is an Education Credit for taking a class relating to health physics such as a class to pass The Certified Health Physics Exam allowable? I understand the maximum is 2,000 dollars. Is this still the case?
--- End quote ---
Did not want to reply until the fiscal cliff legislation was finished as it would possibly change the answer to your question.
There are 3 ways to deduct the class since it looks like it you are not working toward a 4 year degree.
Assuming that this is for college credit you can choose either (in order of maximum benefit):
1) 20% of the tuition is creditable up to 2K (depending on your income)
2) Tuition and fees deduction up to 4K (depending on income). Someone in the 25% tax bracket will save 1K
3) Employee business expense
thenukeman:
I was reading this on the IRS website and have claimed this before. http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center
Sorry I was not specific, but this was for the lifetime learning credit.
Lifetime Learning Credit
The lifetime learning credit helps parents and students pay for post-secondary education.
For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. However, a taxpayer cannot claim both the Hope or American opportunity credit and lifetime learning credits for the same student in one year. Thus, the lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree.
Generally, you can claim the lifetime learning credit if all three of the following requirements are met:
•You pay qualified education expenses of higher education.
•You pay the education expenses for an eligible student.
•The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.
If you’re eligible to claim the lifetime learning credit and are also eligible to claim the Hope or American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both.
If you pay qualified education expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis. This means that, for example, you can claim the Hope or American opportunity credit for one student and the lifetime learning credit for another student in the same year.
traveltax:
--- Quote from: thenukeman on Jan 03, 2013, 03:33 ---I was reading this on the IRS website and have claimed this before. http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center
Sorry I was not specific, but this was for the lifetime learning credit.
Lifetime Learning Credit
The lifetime learning credit helps parents and students pay for post-secondary education.
For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all students enrolled in eligible educational institutions. There is no limit on the number of years the lifetime learning credit can be claimed for each student. However, a taxpayer cannot claim both the Hope or American opportunity credit and lifetime learning credits for the same student in one year. Thus, the lifetime learning credit may be particularly helpful to graduate students, students who are only taking one course and those who are not pursuing a degree.
Generally, you can claim the lifetime learning credit if all three of the following requirements are met:
•You pay qualified education expenses of higher education.
•You pay the education expenses for an eligible student.
•The eligible student is either yourself, your spouse or a dependent for whom you claim an exemption on your tax return.
If you’re eligible to claim the lifetime learning credit and are also eligible to claim the Hope or American opportunity credit for the same student in the same year, you can choose to claim either credit, but not both.
If you pay qualified education expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis. This means that, for example, you can claim the Hope or American opportunity credit for one student and the lifetime learning credit for another student in the same year.
--- End quote ---
Correct- that is option 1 that I noted. 20% for the first 10K of expenses - maximum credit is 2K
BetaAnt:
I am going on a 5 month project out of state, greater than 100 miles (682 miles) from my tax home. Can I deduct the full lodging rate and full MIE from my taxable income as a non-reimbursed expense? What about mileage? Am I entitled all business related mileage (i.e. hotel to job site)? Are the mobilization fees considered taxable?
Thanks in advance,
BA
traveltax:
Only employers can use the lodging rate. You are limited to actual expenses for lodging although you can use the full meal rate
The mileage is deductible
All expenses must be reduced by any per diem and if you are paid a per diem for housing and there is no allocation to meals, then the per diem must be split 60/40 (60% for lodging and 40% for meals) when applying your reimbursements to deductible expenses
--- Quote from: BetaAnt on Aug 11, 2013, 01:06 ---I am going on a 5 month project out of state, greater than 100 miles (682 miles) from my tax home. Can I deduct the full lodging rate and full MIE from my taxable income as a non-reimbursed expense? What about mileage? Am I entitled all business related mileage (i.e. hotel to job site)? Are the mobilization fees considered taxable?
Thanks in advance,
BA
--- End quote ---
Navigation
[0] Message Index
[*] Previous page
Go to full version