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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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hello, This time its a tax question. If I contribute

Resolved Question:

This time it's a tax question. If I contribute to IRA or pay for educational expenses, can I claim it for 2012 taxes still? Thanks much.
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using You can claim a deduction for an IRA contribution until April 15. Unfortunately, you cannot claim any payment of educational expenses. Educational expenses now would be deductible in 2013.

If you are covered by a retirement plan at work, then you may be limited in what you can deduct if you also contribute to an IRA. You can CLICK HERE to read more. If you are not covered by a retirement plan at work, then there is no limit and you can deduct your contribution.

The 2012 contribution limit is $5,000 for those under 50 and $6,000 for those 50 and over.

Thanks again for using and have a great day.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Megan C and 2 other Tax Specialists are ready to help you
Customer: replied 3 years ago.
Thank you very much.
Expert:  Megan C replied 3 years ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer