Stl Bills Posted February 19, 2009 Posted February 19, 2009 Anybody know the answer to this....I may or may not be eligible for a the hope credit on my tax return because of the final stipulation........ - The student has already completed the first two years of college (if I have I'm not eligible). Here's my question, I'm technically a freshman getting an engineering degree but I graduated college in 2005 with a business degree. So am I in the first two years of college or not? I've never gotten any credit for any type of school related stuff because my parents paid for my education the first time around.
Stl Bills Posted February 19, 2009 Author Posted February 19, 2009 More importantly what are they chances they actually catch me if I answer yes.
BarkLessWagMore Posted February 19, 2009 Posted February 19, 2009 You definitely don't qualify for the hope credit but you do qualify for the lifetime learning credit, which is figured on the same form 8863. It is not quite as good a credit as the hope, but better than a sharp stick in the eye.
Stl Bills Posted February 19, 2009 Author Posted February 19, 2009 You definitely don't qualify for the hope credit but you do qualify for the lifetime learning credit, which is figured on the same form 8863. It is not quite as good a credit as the hope, but better than a sharp stick in the eye. crap, i already finished filing and I used the hope credit. What are the chances they find out?
Stl Bills Posted February 19, 2009 Author Posted February 19, 2009 hell I even called the fuggin IRS and that guy didn't even know the answer, so I said "hell if the IRS doesn't know the answer, screw it". I guess I don't know how they are going to find out that I was in College before now, My parents paid for that and they lived in the state of Georgia. I've never had a single school loan as I'm paying for this degree out of pocket. How can they find out that I've gone to college prior to now without doing some serious digging? Seems like I'm in no danger unless I get audited.
Fezmid Posted February 19, 2009 Posted February 19, 2009 hell I even called the fuggin IRS and that guy didn't even know the answer, so I said "hell if the IRS doesn't know the answer, screw it". I guess I don't know how they are going to find out that I was in College before now, My parents paid for that and they lived in the state of Georgia. I've never had a single school loan as I'm paying for this degree out of pocket. How can they find out that I've gone to college prior to now without doing some serious digging? Seems like I'm in no danger unless I get audited. You can file an amended return....
taterhill Posted February 19, 2009 Posted February 19, 2009 why are tax laws so complicated...never made any sense to me
tennesseeboy Posted February 19, 2009 Posted February 19, 2009 hell I even called the fuggin IRS and that guy didn't even know the answer, so I said "hell if the IRS doesn't know the answer, screw it". I guess I don't know how they are going to find out that I was in College before now, My parents paid for that and they lived in the state of Georgia. I've never had a single school loan as I'm paying for this degree out of pocket. How can they find out that I've gone to college prior to now without doing some serious digging? Seems like I'm in no danger unless I get audited. Three of the posters on this board work for the IRS. (KIDDING!) I hope.
Just Jack Posted February 20, 2009 Posted February 20, 2009 hell I even called the fuggin IRS and that guy didn't even know the answer, so I said "hell if the IRS doesn't know the answer, screw it". I guess I don't know how they are going to find out that I was in College before now, My parents paid for that and they lived in the state of Georgia. I've never had a single school loan as I'm paying for this degree out of pocket. How can they find out that I've gone to college prior to now without doing some serious digging? Seems like I'm in no danger unless I get audited. Problem is, the guy answering the phone, probably won't be the guy calling you in for an audit.
Fezmid Posted February 20, 2009 Posted February 20, 2009 Problem is, the guy answering the phone, probably won't be the guy calling you in for an audit. Exactly! When I moved from Minnesota to Wisconsin in the middle of the year, I contacted Minnesota and Wisconsin to ask how to do my taxes as a part-year resident. They both gave me different answers. I contacted them both a second time... And received two more answers (a total of 4). So I decided to pay H&R Block to do it, just in case. That turned out well, because my wife decided she wanted to try working there part time and she really liked it (and we got several free returns done). That led her to want to go back to school to get her MBA. Now as soon as the economy improves, she'll be able to use that degree somewhere.....
Tcali Posted February 20, 2009 Posted February 20, 2009 Anybody know the answer to this....I may or may not be eligible for a the hope credit on my tax return because of the final stipulation........ - The student has already completed the first two years of college (if I have I'm not eligible). Here's my question, I'm technically a freshman getting an engineering degree but I graduated college in 2005 with a business degree. So am I in the first two years of college or not? I've never gotten any credit for any type of school related stuff because my parents paid for my education the first time around. apply for it..dont bring up the other stuff. The worst they could do is deny you.
Stl Bills Posted February 20, 2009 Author Posted February 20, 2009 apply for it..dont bring up the other stuff. The worst they could do is deny you. actually the worst they could do is come back in 6 months and tell me I owe the difference between the credit I'm getting and the one I'm supposed to get which is a $1200 difference.....worth a shot IMO.
HopsGuy Posted February 20, 2009 Posted February 20, 2009 why are tax laws so complicated...never made any sense to me Oh, I think you know that answer to that.
/dev/null Posted February 20, 2009 Posted February 20, 2009 Why do you want to take this credit? Paying taxes is Patriotic
WVUFootball29 Posted February 20, 2009 Posted February 20, 2009 Stl. Since you already have a degree, you cannot currently be considered in your first two years of college according to the goverment. I just did my taxes and got a huge refund by using the lifetime learners deduction for my MBA. However, everyone is right, its highly unlikely that anyone audits you for this alone. But I would go back and see how much the difference would be between what you get with the hope credit and the lifetime learners credit.
Stl Bills Posted February 20, 2009 Author Posted February 20, 2009 Stl. Since you already have a degree, you cannot currently be considered in your first two years of college according to the goverment. I just did my taxes and got a huge refund by using the lifetime learners deduction for my MBA. However, everyone is right, its highly unlikely that anyone audits you for this alone. But I would go back and see how much the difference would be between what you get with the hope credit and the lifetime learners credit. Oh I already know that WVU.....LLC- $666, Hope Credit $1800.
WVUFootball29 Posted February 20, 2009 Posted February 20, 2009 Oh I already know that WVU.....LLC- $666, Hope Credit $1800. Damn only 666 from LLC??? tuition must be cheap. I got like 1500
Stl Bills Posted February 20, 2009 Author Posted February 20, 2009 Damn only 666 from LLC??? tuition must be cheap. I got like 1500 I'm only part time (10 hours)......got all my gen education done because I already have a degree but its still going to take me 4 years to graduate because the way the courses are sequenced. I can really only go part time because with an engineering degree you have to spread your general education over the 4 years (and match it up with a science) as opposed to knocking it out in the first two years. Kind of sucks for me but it makes sense...
WVUFootball29 Posted February 20, 2009 Posted February 20, 2009 yeah the seasonal classes are a pain, I had to stay at WVU an extra semester because my one Sport Management class was only offered in the fall
Stl Bills Posted February 20, 2009 Author Posted February 20, 2009 Its really not that they are seasonal more that I Can't take a class like Differential Equations until I've taken Calc III, and I can't take Calc III untill I've had Calc II, which I can't take untill I've had Calc I and so on. So the actual math/science portion of the degree takes at least the full 4 years......(you match up about 9-10 hours of math/science with 1 Gen Ed. class over the 4 years as apposed to taking your general education for 2 years and then your upper level classes the next 2 years).
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