Tax time – wohoo!

IRS

There are very few times in my life where I’ll actually be looking forward to doing my taxes – but this year is one of them! Thank you Lifelong Learning Credit!

Lifetime Learning Credit for College Juniors, Seniors, Graduate Students and working Americans pursuing lifelong learning to upgrade their skills. For those beyond the first two years of college, or taking classes part-time to improve or upgrade their job skills, the family will receive a 20% tax credit for first $5,000 of tuition and fees through 2002, and for the first 10,000 thereafter. The credit is available for net tuition and fees (less grant aid) paid for post-secondary enrollment after June 30, 1998. The credit is available on a per-taxpayer (family) basis, and is phased out at the same income levels as the HOPE Scholarship.

Because my last quarter at NU was in 2005 – I’m going to get one heck of a return this year! (Hutch, pay attention!) I’d say this would be one of the times I’m happy about the way our government works but I’m just getting money back that they have already taken! That being said, there are a few more things to be happy about at tax time. I, for one, will be filing for free. Of course, with my student job/temporary employment I made far below the $50,000 limit to file free – so I can actually take advantage! (click on the IRS image above for more info)
Next year will hopefully be a MUCH different story!

(wondering if linking to the IRS is a good idea!)

7 thoughts on “Tax time – wohoo!”

  1. I’ve used H&R Block’s service the last several years. Ends up costing like $40-60 to submit it, IIRC, but totally worth it in the end. Especially considering how helpful it is in weird situations (like if you switch jobs and move states in the same year). This year because of our new marital status and all the write-offs we have, D and I will be meeting with a tax professional to figure out what the hell is going on.

  2. Yea – I got to do mine for free because I met all of the IRS requirements to file free. Worked great! I was done in less than an hour! I’m going to have to do my state taxes by hand – but it’ll be much easier this year.

  3. Thanks for the tip on using your tuition! I’ll definitely be taking advantage of that. Hopefully I didn’t make over $50K at the hair salon answering phones for 4 months! Do you think I should worry?

    Expect phone calls this weekend with many questions!

  4. Ha! Well, the problem is that you get “tax credit” for your tuition. In other words… if the gov took $1000 in taxes, and you paid $1200 – you would normally get $200 back. But if you get $1000 credit for school – you get the full $1200 back. Make sense? Probably not – call me with questions!

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