West Palm Beach Florida Form 8917 2019-2025

West Palm Beach Florida Form 8917: What You Should Know

The amount for a school, college or university must also be paid at the same time the taxpayer pays the tuition, not later.  Also, the amount for college and university tuition must be paid under the tax year the benefit is earned, not under the tax years the benefits can be paid. The amount for tuition and fees that can be claimed for any amount paid for tuition and fees on one tax return is limited to zero and will be rounded down to zero when figuring taxable income. The amount of the tuition and fees claimable on a given return is known as the 'gross benefit' and is not subject to the limits of §1120 (f) of the Internal Revenue Code (26 U.S.C. 1120) or other provisions of law that impose a limitation on the amount of net education tax benefits.  The term 'net educational tax benefit' refers to any amount that may be computed in a manner that does not include the qualified tuition and fees paid by the taxpayer for tuition and fees paid for a taxpayer's participation in the program to receive, on a single tax return, income tax deductions for educational expenses incurred, except that gross benefit is limited to the amount of qualified tuition and fees for which this exclusion exceeds the amount of tuition and fees paid for a school, college, or university for an academic year. Net educational benefit is used here to distinguish it from gross benefit in other provisions of the Internal Revenue Code relating to the education related expense tax deduction. The IRS limits the tuition and fees exclusion amount to zero to ensure that this provision is not abused. The exclusion amount is set forth in Regulations section 1.61-12(f) with the dollar limits for any tax year. To determine allowable tuition and fees, the amount paid for educational services for the year for which a deduction will be claimed and excluded from gross income equals the portion of the educational tuition and fees not included in the net educational benefit and divided by the total qualified educational expenses for the tax year. This includes amount of money paid for tuition and education for the taxpayer during the student's tax year (including amounts paid for qualified tuition programs, as defined in the regulations), and amounts paid for education by the taxpayer's employer (including college tuition assistance funds from other sources).

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