For College Students
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For College Students
http://www.textbookaid.org/
Text Book Tax Credit
The recently launched Obama administration economic stimulus package includes a new Textbook Tax Credit for which many students are eligible. This new government program will now reimburse students for up to 100% of the cost of required textbooks and other course materials. For example, if you have out-of-pocket course material expenses or tuition and fees during 2009 or 2010 and no other financial grant aid covers those expenses; you would be able to claim the expenses as a credit. For each student the credit is limited to $2,500.
The stimulus bill creates the American Opportunity Tax Credit, which will credit 100% of a student
Text Book Tax Credit
The recently launched Obama administration economic stimulus package includes a new Textbook Tax Credit for which many students are eligible. This new government program will now reimburse students for up to 100% of the cost of required textbooks and other course materials. For example, if you have out-of-pocket course material expenses or tuition and fees during 2009 or 2010 and no other financial grant aid covers those expenses; you would be able to claim the expenses as a credit. For each student the credit is limited to $2,500.
The stimulus bill creates the American Opportunity Tax Credit, which will credit 100% of a student
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Joined: Feb 2005
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From: Chicago
when i was in school...if i bought all of my books (i was engineering when i first started)...it would've been around $600, new. however i quickly found that i didn't even use half of the books i bought...so i bought used and bought only what i needed. brought it down to like $200/semester.
$1000 on books...either you're in some ridiculous classes or textbooks have gone waaaaay up in price!
$1000 on books...either you're in some ridiculous classes or textbooks have gone waaaaay up in price!
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Joined: Nov 2007
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From: Orlando FL / Savannah GA
I did something like this back in 05-06 when i was doing classes and I got an additional $1000 in my taxes. For next year, Ill be expecting $2500 back using this new tax credit.
Depends on which Gi Bill you are using
The Montegomery GI Bill is not taxable and is a benefit that is paid to you, same as disability, so its not taxable and is not reported to schools since you still have to pay the tuition.
The 9/11 GI bill is reported to schools so you cannot claim it as you paying for school since the VA pays the school directly. Using the 9/11 GI Bill you can only claim the books.
If you are doing online classes, you would want the Montgomery GI bill since you get paid the money and use it to pay your tuition and keep the rest, and also because you are not entitled to the housing allowing the 9/11 gi bill has (which is bullshit). If you are attending at leats 1 classroom class, you want the 9/11 GI Bill because the VA will pay your tuition, pay you the housing allowance for an E-5 with dependents in the zip code your school is located, and get the yearly check for 1000 for books.
So if I use my GI bill money on books, then file for the tax credit, do I get payed twice? LOL
The Montegomery GI Bill is not taxable and is a benefit that is paid to you, same as disability, so its not taxable and is not reported to schools since you still have to pay the tuition.
The 9/11 GI bill is reported to schools so you cannot claim it as you paying for school since the VA pays the school directly. Using the 9/11 GI Bill you can only claim the books.
If you are doing online classes, you would want the Montgomery GI bill since you get paid the money and use it to pay your tuition and keep the rest, and also because you are not entitled to the housing allowing the 9/11 gi bill has (which is bullshit). If you are attending at leats 1 classroom class, you want the 9/11 GI Bill because the VA will pay your tuition, pay you the housing allowance for an E-5 with dependents in the zip code your school is located, and get the yearly check for 1000 for books.
