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  • Textbook Aid > Home
    The credit is applied for by using IRS form 8863 You must keep a record of your expenses to be eligible In the News Don t Skip These Eight Tax Breaks for Students WiseBread Mar 9 2016 Check Out Notable Credits and Deductions Duluth News Tribune Feb 28 2016 Tax Tips to Make College More Affordable The New York Times Feb 26 2016 Get 10 000 Per Child in College Tax Credits Thanks to New Tax Deal Forbes Dec 20 2015 Not Eligible to Claim the 2 500 American Opportunity College Tax Credit Try This Forbes July 31 2015 3 Great Education Tax Breaks Which Will Save You Money in 2015 The Motley Fool February 7 2015 Taxes and Education Inside Higher Ed January 19 2015 BBB Helpful Tips for Students Buying College Text Books Tyler Morning Telegraph August 9 2014 AACC and ACCT Endorse H R 3393 the Student and Family Tax Simplification Act Association of Community College Trustees July 21 2014 Harnessing the Tax Code to Promote College Affordability Center for American Progress May 28 2014 Find out what the American Opportunity Tax Credit is what course materials are eligible and what documentation is needed to apply Explore

    Original URL path: http://www.textbookaid.org/ (2016-04-29)
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  • Textbook Aid > Home
    The credit is applied for by using IRS form 8863 You must keep a record of your expenses to be eligible In the News Don t Skip These Eight Tax Breaks for Students WiseBread Mar 9 2016 Check Out Notable Credits and Deductions Duluth News Tribune Feb 28 2016 Tax Tips to Make College More Affordable The New York Times Feb 26 2016 Get 10 000 Per Child in College Tax Credits Thanks to New Tax Deal Forbes Dec 20 2015 Not Eligible to Claim the 2 500 American Opportunity College Tax Credit Try This Forbes July 31 2015 3 Great Education Tax Breaks Which Will Save You Money in 2015 The Motley Fool February 7 2015 Taxes and Education Inside Higher Ed January 19 2015 BBB Helpful Tips for Students Buying College Text Books Tyler Morning Telegraph August 9 2014 AACC and ACCT Endorse H R 3393 the Student and Family Tax Simplification Act Association of Community College Trustees July 21 2014 Harnessing the Tax Code to Promote College Affordability Center for American Progress May 28 2014 Find out what the American Opportunity Tax Credit is what course materials are eligible and what documentation is needed to apply Explore

    Original URL path: http://www.textbookaid.org/Home.aspx (2016-04-29)
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  • Tax Credit
    or 160 000 for married couples filing jointly AGI phase out limits are 90 000 individual 180 000 married couples filing jointly Helps an estimated 4 million additional students attend college than the previous tax credit 16 581 billion in total benefits for students and families in 2015 Over 10 million students and families claimed the AOTC in 2015 with an average benefit of 1 645 The National Association of

    Original URL path: http://www.textbookaid.org/TaxCredit.aspx (2016-04-29)
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  • Summary & Example
    for the first four post secondary education years Many of those eligible will qualify for the maximum annual credit of 2 500 per student and provides a partial refund of up to 1 000 For example If you or your student has out of pocket course material expenses or tuition and fees during 2010 or 2011 and no other financial grant aid covers those expenses you will be able to claim the expenses as a credit For each student the credit is limited to 2 500 Let s say your federal tax liability for 2010 is 2 000 before the American Opportunity Tax Credit and your student had 5 000 in allowable higher education expenses The first 2 000 in out of pocket textbook purchases tuition and fees goes towards your tax credit at 100 Everything over that is allowable at 25 up to a total credit per student of 2 500 You would have a credit of 2 000 plus 500 of the remaining 3 000 25 of the expenses over 2 000 up to an extra 500 credit Because this credit is partially refundable the 2 500 credit results in a refund of 500 If your 2009 tax

    Original URL path: http://www.textbookaid.org/TaxCredit/SummaryExample.aspx (2016-04-29)
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  • News & Resources
    IRS Publication 970 Education Tax Benefits PDF IRS Tax Benefits for Education Information Center IRS Education Tax Credits AOTC and LLC IRS American Opportunity Tax Credit IRS Lifetime Learning Credit IRS Am I Eligible to Claim an Education Credit The National Association of College Stores is providing the information on this web site for general guidance only The information on this site does not constitute legal advice tax advice accounting

    Original URL path: http://www.textbookaid.org/NewsResources.aspx (2016-04-29)
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  • FAQ
    aid office of your institution a qualified tax advisor or legal professional or the IRS about your unique situation What course materials are eligible for the tax credit Under the AOTC required course materials are eligible for the tax credit as well as tuition and fees that have not been paid for by grant or scholarship aid In other words you may not receive a double benefit for your qualified expenses Qualified course materials include books supplies and equipment needed for a course of study whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance As a practical matter it would be fair to assume that any purchased course materials identified as required and listed on a course book list for your registered classes would qualify for the tax credit What necessary documentation will we need for the tax credit According to the IRS taxpayers should retain adequate documentation to prove education related expenses such as transcripts or course descriptions that show periods of enrollment list of course materials for your classes cancelled checks and receipts that verify the amounts spent on tuition books supplies and equipment used in a course of study IRSTopic 305 Recordkeeping for Individuals addresses this issue Additionally with the permanent extension of the AOTC in the Consolidated Appropriations Act 2016 taxpayers must have a taxpayer identification number TIN that was issued on or before the due date for filing the return of tax for the taxable year The taxpayer must also include the employer identification number EIN of any institution to which qualified tuition and related expenses were paid with respect to the individual It is important to note that beginning in the 2016 tax year colleges and universities are required to report payments for qualified tuition

    Original URL path: http://www.textbookaid.org/FAQ.aspx (2016-04-29)
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  • About Us
    in consultation with student organizations when we saw the need to help students and parents find reliable information to help them with college course material costs The purpose of textbookaid org is to be a source of information to increase awareness of sources of funding new laws and regulations and other issues that affect students ability to pay for college NACS supports efforts to enhance affordable and equitable access to

    Original URL path: http://www.textbookaid.org/AboutUs.aspx (2016-04-29)
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  • Contact
    Form NACS Government Relations Email govrelations nacs org The National Association of College Stores is providing the information on this web site for general guidance only The information on this site does not constitute legal advice tax advice accounting advice or professional advice of any kind There is no substitute for consultation with professional advisors based on the facts of each individual situation NACS disclaims any liability whatsoever in connection

    Original URL path: http://www.textbookaid.org/Contact.aspx (2016-04-29)
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