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Can I claim my additional school expenses on my 2013 taxes?

Asked by: kcomment 683 views YA Discussion

I graduated less than a month ago and wanted to know what expenses I can claim on my taxes. Most of my tuition and fees were covered by pell grant and student loans (which haven’t had to be paid on yet so I can’t deduct the interest), but there were several additional purchases I had to make to complete my coursework. I was computer major and we had to build a computer and replace and install components; are the components that I bought deductable. There were also expensive softwares I had to purchase (windows server 03 and 08) for my computer management and networking courses. I had to build a home lab in order to complete my Cisco netowork routing courses. Are any of these things able to be appled as deductions on my taxes this year or is it just the tuition and fees? Are there any special forms I’d need or can I do an EZ file? Please help, I am sooo lost. Thanks in advance for any significant replies.

2 Answers

  1. Cathi K on Jan 11, 2013 Reply

    Deductible no. Qualify for an education credit, maybe. It had to be required by the school and purchased from the school. I would guess you had a computer lab that you could do some of this.

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  2. kelby7670 on Jan 11, 2013 Reply

    You can get credit for the tuition you paid for with a student loan.

    “A loan is not tax-free educational assistance so you do not reduce your qualified education expenses, such as tuition, by the proceeds from your student loan.

    For example: You paid $ 3,000 for tuition (a qualified expense). To help pay this cost, you obtained a $ 2,000 student loan.

    Since the student loan is not tax-free educational assistance, you do not need to reduce the tuition by the amount paid with the student loan.

    You are eligible to take the education credit or deduction for the entire $ 2,000 paid from proceeds of your loan as long as you meet the other requirements of either the American Opportunity Credit, the Lifetime Learning Credit, or the Tuition and Fees Deduction.

    The subject is a little too complicated for much of an answer here. There are thousands of web sites that will answer your questions.

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