any dorks know shit about taxes?

[The Notorious LOL]

I got a tax question and I need advice from a dork who knows shit about taxes.

[zorra_chiflada]

lol accountancy

[na§tee]

sorry, i am not a dork who knows shit about taxes.

[The Notorious LOL]

I attend a school currently and I am not entirely sure if I would qualify for the Lifetime Credit. A portion of my tuition was already paid via student loans, but I dont know if the credit only applies towards out of pocket payments. If it does apply, I'll get another $1000 back...but I wont be suprised if I am not eligible.

[ScarySquirrel]

1040EZ!

[The Notorious LOL]

not on the interest, on the tuition.

[QueenAdrock]

I went to school in Spring '06, paid part out of pocket, and went on loans for the rest. I deducted ALL of it, because they ask "How much was tuition?" and not "How much were your out of pocket expenses?". I also deducted my books, and you can also deduct supplies but I decided not to.

I did TurboTax, so it filled out all the info for me, I just answered its questions.

[The Notorious LOL]

see, and thats exactly what I am wondering. Its worded vaguely and it doesnt state explicitly "only qualifies for money out of pocket and NOT student loans"

[Loppfessor]

You need H&R Block...then you'd have "people" instead of a bunch of assholes from the BBMB (y)

[QueenAdrock]

You can double check all ya like, but I was in the same position as you and had the same exact question, found out the right answer from my friend's father who's an accountant, and I deducted it.

[befsquire]

go here (http://www.irs.gov/faqs/faq3-2.html) and scroll way down the page. it links to this (http://www.irs.gov/pub/irs-pdf/p970.pdf) publication.