Tuition reimbursement? Possible?

A place to discuss anything... except credit cards!
12 posts
paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Tuition reimbursement? Possible?

Postby paparoach429 » Fri Oct 19, 2012 12:46 am

So my question fellas is: In Illinois is it possible for one to get some kind of school tuition reimbursement on your income tax return? I've heard from alot of people that it is possible but I'd like to hear it from others before I count myself lucky. I spent $1100 on ONE CLASS last semester. If I can get even a quarter of that back I'd be happy!


Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Postby Vermonster » Fri Oct 19, 2012 8:50 am

I believe it's a Federal thing so the state has nothing to do with it. I was only able to claim what I paid out of pocket. I got about $1k back on a $2,600 bill. I believe $1k is the maximum. I used TurboTax and it had an entire section for tuition, but you do need the slips from your school, the 1088 or something.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

User avatar
djrez4
Centurion Member
Centurion Member
 
Posts: 1468
Joined: Tue Jul 31, 2012 12:20 pm
Location: United States

Postby djrez4 » Fri Oct 19, 2012 11:25 am

The 1098-T is the form for reporting interest paid on student loans. You can deduct that, but it's different than getting reimbursed.

I'm not sure what the OP is talking about.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Fri Oct 19, 2012 2:12 pm

Im not talking about interest. Im talking about the tuition bill in general. And the $1100 is what I paid out of pocket. (no grants, no financial aid).

DoingHomework
Centurion Member
Centurion Member
 
Posts: 707
Joined: Tue Sep 22, 2009 1:15 pm
Location: Arizona

Postby DoingHomework » Fri Oct 19, 2012 2:14 pm

There are various tax credits you might be eligible for. You can read about these in the IRS publications at irs.gov.

You will get a form 1098 from the school in January. You put the information from that on your tax return.

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Fri Oct 19, 2012 2:43 pm

Nice! So hopefully I will be getting "something" back? Anybody know of the average percentage people recieve back? I want to pay down the remaining balance on my Citi Foward card and start thinking about Amex! :)

jlam572
Centurion Member
Centurion Member
 
Posts: 494
Joined: Wed Aug 01, 2012 12:04 am
Location: Hawaii

Postby jlam572 » Fri Oct 19, 2012 5:17 pm

You just get the deduction. Certain fields, and military do tuition reimbursement though. When I was in college, I was making around 15k a year, and my deductions were around 25k per year...so I got back everything I put in taxes. Mitt Romney style!
American Express Platinum
Chase Sapphire Preferred
Hawaiian Airlines BOH MC
USAA Amex
Capital One Visa Platinum
Citi Diamond Preferred MC

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Postby Vermonster » Fri Oct 19, 2012 6:13 pm

djrez4 wrote:The 1098-T is the form for reporting interest paid on student loans.


That's the one I had to use. IIRC It tells how much tuition was and what was paid for with student loans. I took the AOTC But I'm not sure if that is available this year. There is also the Lifelong Learning Credit and the Hope. Check them out.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

kcarter609
Centurion Member
Centurion Member
 
Posts: 423
Joined: Thu Aug 09, 2012 7:54 am
Location: VA

Postby kcarter609 » Fri Oct 19, 2012 6:21 pm

There are 2 programs from the Federal Government. I forget what they are called, but if you are claiming yourself and don't have anyone else claiming you, you can get a decent size credit back. You can only claim it for a total of 4 years though, so if you plan on going to a 4 year school with big tuition bills, hold off. I claimed it for 2011 and it boosted my tax return by $2,500. I also paid a lot more in tuition.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Sat Oct 20, 2012 1:08 am

So the $2,500 the percent of what amount total paid? I dont plan on going back to school full time and if I do now i work at FedEx and they have tuition reimbursement so il be set there.



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 2 guests