2006 Tuition Tax Deduction?

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I am just curious about the Tuition tax deduction. Who exactly qualifies? I pay for school via student loans/pell grants. Do I qualifty? I have a 1098T I can view online but have not gotten one in the mail as of yet. I did get one for last year but I had gotten it after I filed my taxes and just put it away - not knowing what to do with it.

Thanks for the help!

2006 Tuition Tax Deduction?

Print out the 1098-T online. It doesn't matter if you haven't received one in the mail.

You should have two 1098- One from the school and one from your loan company. Take the both to your tax preparer.

If you receive a 1098, you qualify. They will take out your Pell Grant information appropriately.

You can ammend last year's tax return and recieve that extra money. Do the ammendment first as it might effect this years tax return. Use a 1040 from last year and 1040X to document the change.

***Ignore the 1040C comment...don't know where he read that. I looked it up on the IRS website and the form has something to do with a departing alien?? 1040X is the form that shows this was year one and this was year two. Very simple. On the back you just write.... Adding tution deduction amount. I did the same thing several years ago. Live and learn!

2006 Tuition Tax Deduction?

It all depends on if you are in first year or not. There are about 3 main different tax brakes for federal taxes. Also you can go and amend last years to use that tax advantage as well. You would need to file a 1040C.

2006 Tuition Tax Deduction?

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