Form 8917 for Stamford Connecticut 2019-2025

Form 8917 for Stamford Connecticut: What You Should Know

That means for a student with that much money saved on tuition—or for an individual without enough savings to actually attend college— he can't deduct any. (see Tax Benefits of a Tuition Credit) So a student with more student loan debt must save more or go to an expensive university. Or the more a student is willing to pay, the greater the deduction for tuition and fees is. “But there's another issue,” said Mike School, vice president of corporate communication for the Connecticut Council on Postsecondary Education, or CTC. “Because these students are on a federal student loan, any payments they make are taxed as income.” (See Postsecondary Education: For and Against.) “If someone is paying off his student loans, there is an additional tax bite to the amount of his deduction. So unless he's saving a lot of money for college, you can only deduct up to 4,000.” There's not much you can do. If the IRS issues a notice that says a deduction will not be allowed, it applies to everyone. “You should ask [the IRS] for a decision on this before filing,” said School. “A number of years ago I took my son to an academic conference at the University of Rhode Island in their student center,” said School, who paid 1,100 a month to stay in a student center with his family. “There was a huge discount for undergraduates. My daughter was in the program. She went to school for a year before being accepted. When we returned, she was still there, so I paid 800 a month for our stay.” School said that, based on his calculations, his family would have taken a tax deduction for 200 — not nearly the 400,000 maximum that is allowed, because the Form 8917 deduction only included the amount you paid for tuition and fees. “I didn't want to get kicked out and said that I'm going to pay my tuition,” said School, “which would have been the equivalent of taking the cash I had saved up and buying the plane ticket to Rensselaer.” The IRS could also have told him that there was an annual limit for the student's tax credit. “The problem is that no one knows that,” said School.

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