I paid out of pocket for a college class since it was beyond financial aid, also I have some student loan interest. How do I claim refunds/tax breaks with because of them?
Also I am filling out a W4 for a job. Do I have to put the tax break from above in the W4 or do I do this stuff when I file taxes in February?
I found something about a form 8917 relating to tuition and fees but on the irs website that form seems to be down.
The expenses I mentioned are in 2019
Thank you. Help is appreciated.
Posted Jan 9, 2020, 5:40 PM UTC
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I’m assuming you are not eligible for the American Opportunity Credit? There are two other options, Lifetime learning, which within certain income limits gives you a 20% credit, and tuition deduction which allows up to $4000, $2000 or $0 as an adjustment. The tuition deduction is claimed on the 8917, and was recently (just prior to Christmas) resurted from the dead for use on 2018, 2019, 2020 and 2021 returns. Give a few weeks for the forms and code to be updated. The items you mentioned are claimed on your 2019 return. The W-4 is filled out for what income and expenses you expect to have in 2020.
I think I do quality for that American opportunity credit. Idk how to claim that though.
So what do i put in the W4? Estimate the student loan interest ill have in 2020? Should I fill in the forms for the job and deal with these credits later when i file my tax return?
Thank you for your help
You can assume the credits when you complete the W-4, and have less withheld during the year, or leave them off and see a bigger refund at the end of the year. For best results you should use the calculator at irs.gov.
What I need to know is do I need to put the credits in the W4 or can I put nothing on the W4 and fill the forms for my employer and be done with them and sort the credits out when i file taxes in February when I have my W2 to get the info from it to fill out the other forms.
It is your choice, you are allowed to do either one.