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post #1 of 8 (permalink) Old 08-07-2008, 07:41 AM Thread Starter
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Federal Income Taxes?

I remember hearing somewhere down the line that if you go to school full time you get the vast majority of your income taxes back...i was thinking of going to school in the spring but if this is true i will enroll in the fall to get the tax deductions.

Does anyone know if this is true, or partially true, and if partially true--how big is the tax break?

ill pay 10-12000 in federal tax this year, and full time tuition at the local cc is only 900+books. So if this is true even to a miniscule percentile i will be way ahead...

If anyone knows anything about this, id like to find out.

--Matt Musto
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post #2 of 8 (permalink) Old 08-07-2008, 08:17 AM
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the college sends statement that you must give to your accountant when he processes your tax forms in order to get the tax credits. If you are going to school so the government can give you money you spent, then dont bother.




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post #3 of 8 (permalink) Old 08-07-2008, 08:40 AM
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Quote:
Originally Posted by musto View Post
I remember hearing somewhere down the line that if you go to school full time you get the vast majority of your income taxes back...i was thinking of going to school in the spring but if this is true i will enroll in the fall to get the tax deductions.

Does anyone know if this is true, or partially true, and if partially true--how big is the tax break?

ill pay 10-12000 in federal tax this year, and full time tuition at the local cc is only 900+books. So if this is true even to a miniscule percentile i will be way ahead...

If anyone knows anything about this, id like to find out.

--Matt Musto
You're going to pay $10,000 to $12,000 in taxes this year!!?!??!

So your taxable income (after deductions) is in the $60,000 range? If you're 24 years old, making that amount of money after deductions, I would look at other means of lowing your taxes than going to college. Put the money in a Roth IRA, or buy a house, or something that will provide a return. I just don't see a degree (or just going to college) providing any decent return if you are making the kind of money already to pay $12K in federal taxes!

Just my .02.

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post #4 of 8 (permalink) Old 08-07-2008, 08:59 AM
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You only get back a percentage of what you pay in tuition. Say you pay $2000 in tuition in a year, you may get $500 back. You're not gonna save thousands by taking $900 in CC classes

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post #5 of 8 (permalink) Old 08-07-2008, 09:05 AM Thread Starter
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Quote:
Originally Posted by 94 Daily Driven 4.6L View Post
You're going to pay $10,000 to $12,000 in taxes this year!!?!??!

So your taxable income (after deductions) is in the $60,000 range? If you're 24 years old, making that amount of money after deductions, I would look at other means of lowing your taxes than going to college. Put the money in a Roth IRA, or buy a house, or something that will provide a return. I just don't see a degree (or just going to college) providing any decent return if you are making the kind of money already to pay $12K in federal taxes!

Just my .02.

yea, i know it wont be a financial gain really, i dont make quite 60. its low 50s though.

Well i dont want you guys thinking im thinking its a smart idea to go to school to get more back on taxes, i feel, and this is after about a year and a half of heavy thinking, that i need to be a teacher. I know i wont make anything like i do now so i dont need to be reminded, but i feel like that is what i should do and im making arrangements to do that, and if i go ahead and go to school in the fall to save this years taxes it might pay a good chunk of next years tuition.

Alot of things have to fall into place just so for me to do this, and that will be my final confirmation that this is what i need to do.

--- Matt Musto
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post #6 of 8 (permalink) Old 08-07-2008, 09:32 AM
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I think educational expenses can be used if you itemize your deductions. In my case the standard deduction added up to more than itemizing would so it didn't help me. The deduction only reduces the amount of taxable income though. So if you spent $1000 then you will pay taxes on $49,000 instead of $50,000. The standard deduction is around $6,000 if you're single.

Your best bet would be to see if your company pays for education or see if there is some sort of program that covers the cost because you want to become a teacher.
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post #7 of 8 (permalink) Old 08-08-2008, 10:40 AM
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post #8 of 8 (permalink) Old 08-08-2008, 11:03 AM
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Quote:
Originally Posted by musto View Post
yea, i know it wont be a financial gain really, i dont make quite 60. its low 50s though.

Well i dont want you guys thinking im thinking its a smart idea to go to school to get more back on taxes, i feel, and this is after about a year and a half of heavy thinking, that i need to be a teacher. I know i wont make anything like i do now so i dont need to be reminded, but i feel like that is what i should do and im making arrangements to do that, and if i go ahead and go to school in the fall to save this years taxes it might pay a good chunk of next years tuition.

Alot of things have to fall into place just so for me to do this, and that will be my final confirmation that this is what i need to do.

--- Matt Musto
you need a bachelors to be a teacher, on top of certification and approval by the state dept of education and after becoming certified, you will have to take the national exam and if you dont have classroom experience, you pretty much wont get hired.




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