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sarg123 Wrote:I was wondering the same thing myself - has anyone had any experience of being able to deduct the $2000 residency waiver fee? That would be really nice if I could do that.
<DISCLAIMER> I am not a tax expert, lawyer or accountant. I am just someone spouting off on the Internet. Do not depend on me for expert tax advice.</DISCLAIMER>
The IRS Instructions for Form 8863 says "Generally, qualified education expenses are amounts paid in 2016 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution."
My guess is that the Residency Waiver is therefore not deductible, as it isn't required for attendance -- you could take the classes instead. However, the Graduation Fee is unavoidable, so you might be able to deduct that. On the other hand, the Admission Fee is also unavoidable, and that wasn't included on the Form 1098-T that TESU sent me -- which I assumed meant it wasn't deductible.
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The graduation fee showed up on my 1098T so I used it. I don't know how the residency waiver is handled, but I don't find your logic about "required" persuasive and would expect it to count.
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bghill Wrote:<DISCLAIMER> I am not a tax expert, lawyer or accountant. I am just someone spouting off on the Internet. Do not depend on me for expert tax advice.</DISCLAIMER>
The IRS Instructions for Form 8863 says "Generally, qualified education expenses are amounts paid in 2016 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution."
My guess is that the Residency Waiver is therefore not deductible, as it isn't required for attendance -- you could take the classes instead. However, the Graduation Fee is unavoidable, so you might be able to deduct that. On the other hand, the Admission Fee is also unavoidable, and that wasn't included on the Form 1098-T that TESU sent me -- which I assumed meant it wasn't deductible.
I would say the exact opposite (except the disclaimer, which I should have on here as well). Some sort of residency (either the waiver or extra course costs) must be paid to graduate from the school.
Your best bet is to ask a CPA (and it may be fairly cheap to use someone, it's actually saved me thousands, and worth the $125 it cost me to get them done this year by my CPA).
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alzee Wrote:Gotcha. There are a ton of tax programs, but there are few to none that will directly reimburse for things like StraighterLine. All the costs at TESU should count though, including the residency waiver; I got my 1098-T from them weeks ago and it's for almost $3000; I took one 1cr class through them and 1 TECEP, the rest was the residency waiver, graduation fee, etc.
Sorry, I didn't read the whole thread - info is here!hilarious
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So was there ever a definitive answer here? Any way to get a break for all those ace courses and the residency waiver?
We are all on the same side here, trying to better our lives....so let's get along and help each other out.
Learn a trade. Gain technical skills. Make money, then use this money to get a degree...if you have the desire.
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If I don't make graduation this year, could I apply in December anyways and then it would apply towards my 2017 taxes?
We are all on the same side here, trying to better our lives....so let's get along and help each other out.
Learn a trade. Gain technical skills. Make money, then use this money to get a degree...if you have the desire.
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icampy Wrote:If I don't make graduation this year, could I apply in December anyways and then it would apply towards my 2017 taxes?
You should be able the school is going to issue the tax form this year if it's paid by December 31st
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Awesome, thank you. I will plan to do it either way . Then enjoy a few months of NO SCHOOLWORK.
We are all on the same side here, trying to better our lives....so let's get along and help each other out.
Learn a trade. Gain technical skills. Make money, then use this money to get a degree...if you have the desire.
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