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Potentially really stupid question I know there are a lot of professionals in here, please forgive me if this is an easy one! My daughter goes to college. I paid her second semester tuition by writing a check on December 26 and sending it to her school. She gave it to the school office, they gave us credit for paying the bill, but the check didn't clear until January 5. Can I still claim that tuition on my 2010 taxes? Thank you

By: Guest
Date: Unknown--
Response
0
Yes. Subject to the normal limitations.
[d] By: Guest
Date: unknown---
Response
0
Depends.

If the school accepted payment as being before 12/31, then yes.

If they accepted payment after 12/31, then no.

You should be able to pull up a statement on the school's website that shows when the payment was accepted.

[d] By: Guest
Date: unknown---
Response
0
Things like your income level,

and she has to be your dependent, credits are non-refundable. My point is the fact that they didn't cash the check until January will not stop you. I'd give you a more detailed answer, but there are 2 different credits and the deduction. A decent explanation would take 1000 words.

[d] By: Guest
Date: unknown---
Response
0
I didnt know you could claim

dependent's college tuition on your taxes. How much do you get back? Say I paid $36,000 last year on my two children's college tuition? How much money do I save?

[d] By: Guest
Date: unknown---
Response
0
Yes. It's cash basis.

Don't get hung up on this next year, though, and count it twice.

[d] By: Guest
Date: unknown---
Response
0
It is usually a moot point, and this is why

The best credit is the American Opportunity Credit, or AOC

The AOC tops out at $2,500. And this is based upon $4,000 for tuition, books and supplies.

Your Jan 5 check is not good for 2010. It must be used in 2011.

But, you most likely will top out from any other payments made in 2010, as you get 100% of the first $2K and 25% of the next $2K to get the max credit of $2,500.

[d] By: Guest
Date: unknown---
Response
0
See if its on your 1099

Whether or not you can claim a deduction for this amount depends on whether or not that payment appears on the 1099 they'll issue you in a couple months. That's really what the IRS cares about. If you try to claim a deduction that is larger than the amount that your 1099 says it should be, tax man will come knocking on your door.

-Tax Accountant

[d] By: Guest
Date: unknown---
Response
What is 1 + 100



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for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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