How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
3 Tax Professionals are Online Now

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Education Credit Questions

The government may have taken the position to help support education by offering tax credits to decrease taxable income. One may be attending college here in the US on a VISA that may be eligible for education tax credits. Questions and concerns pertaining education credit often arise like the ones below that have been asked by many different individuals.

What is an education credit?

Education tax credits were designed to offset the costs of education. The American Opportunity (Hope Credit extended) and the Lifetime Learning Credit are education credits that might save as much as 100% of the deductions on one’s federal income tax. Questions and concerns of who may be eligible for tax credits and what education tax credits are available have been answered below by an Expert.

Can a nonresident alien who qualifies to be treated as a resident alien apply for education credits?

When a person is here on a certain VISA they may have the choice to file as a resident alien or a nonresident alien. If the individual has filed as a resident alien they may then qualify for an education credit. Filing as a nonresident would not allow this individual to claim the credit.

Which parent is allowed to claim the education tax credit, custodial parent or the parent paying for the education?

Guidelines that may determine which parent has the right to claim a child as a dependent and or claim the education credits are as follows:
The child is under age 13
The parent who may have provided over half of the support for the year
The parent who had custody of the child for more than half the year

The parent meeting this criterion may be qualified as the custodial parent; this being the one that usually has the authorization to claim the child as a dependent. Some parents choose to alternate the years. In the event this may not be stipulated in a divorce or custody agreement, it may be best for one to pay the school directly. With receipts showing that the parent paid for the child’s education may allow them to claim the education tax credit for the child.

What is an acceptable source for proof of payment, to support an individual’s claim for education credits to the IRS?

A copy of a receipt for tuition paid would be the best form of proof in supporting the tuition charges an individual may have claimed on an education tax credit. It is the taxpayer’s responsibility to provide proof of payment. Receipts or cancelled checks may also be a viable source for proof of payment.

Is the tax credit different when filing for Hope Education Credit as opposed to Lifetime Education Credit?

The maximum allowance for education credits differ in both, having their own criteria that must be met to qualify. A student may not claim both the Hope credit and Lifetime learning credit for the same tax year. You cannot take both an education credit and a deduction for tuition and fees for the same student in the same year. Tuition expenses that were paid for by non-taxable scholarships, fellowships, employer education assistance, reimbursement, or distributions from qualified savings plans may not qualify toward a credit allowance.

An education tax credit may reduce the amount of income tax you may have to pay. Many of these credits are based not only on one’s income but filing status may also be a determining factor of eligibility. Many students seeking higher education may not be aware of education credits that may be available. Experts are available to provide knowledge to those individuals who are not well aware of education credits that can be used.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
3 Tax Professionals are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Education Credit Questions

  • my aunt susan total income of $21,000.she paid in a total

    my aunt susan total income of $21,000.she paid in a total tax payments of $7,744 and her refundable credits for the year come to $9,006.so does that mean her tax refund is estimated at $16,750. does this put her income at the 0% tax bracket. she claimed
    zero all year and now will claim 5, her self, one college student age 19 and three kids ages 8,11,15 for the new tax year. my question is: is this allowed and correct?
  • Need assistance. Have used same accountant for years. He

    Need assistance. Have used same accountant for years. He has made in my view errors that I am just realizing that have spanned since 2010. At what point is an accountant legally copable/responsible for mistakes he made. i.e.--In 2010 my wife was in school and we used education credit for the amount of roughly 2000$. Our accountant went of a 1098t form from college to discern amount to claim for education credit. a couple years later we received a CP notice from IRS stating it was incorrect and to provide what was PAID that year. We searched for what was actually paid for that year and it was less than what showed on 1098t form by 800$. So there is interest due, penalty, and an additional payment due for that year.
    The same thing happened in 2011, 2012. Where he used the 1098T form as way to discern amount to claim. And each time we have received CP notice stating it was wrong. We have been penalized with interest charges, penalties etc.
    When I went to talk to my accountant about it he pulled out the tax book or something and turn to education credit page and found where is says something to effect, "when claiming education credit make sure you add up what was paid as the 1098t form does not put the amount paid and doesn't match". When he read that he seemed surprised.
    Obviously I wont be using this accountant. But should he be financially responsible for internest, penalties, and part of difference?
    Is this something that Errors and Omissions insurance would cover
  • Turbo Tax is asking about California - Only Student Dependents

    Turbo Tax is asking about California - Only Student Dependents do I enter the information for the dependents that are already on the Federal return or leave it blank
    It states You can claim Additional Ca Dep exemption
    - if you qualify to claim the person as a dependent on your federal return
    - you did not claim this person as your federal dependet to allow them to take the deduction or credit for education expenses on their own federal return .
    Please clarify
< Last | Next >
View More Tax Questions