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Tax Tip for UW Students

March 16, 2009

Do you live in Dane County or one of the counties affected by the floods last year? Did you have tuition-related expenses last year? If so, you may be eligible for a larger tax credit via the life time learning credit than you typically would be.

While reading the instructions for IRS form 8863 (the Hope and Lifetime Learning Credits form), one of our members noticed special instructions for students living in midwestern disaster areas. The form and the instructions are available in pdf form and understanding of the instructions is that if you live in one of the affected counties and were a student last year you may be eligible for an additional tax credit. You may be eligible to recieve a 40% credit not just on tuition and fees and books, but also on the allowance for room and board determined by the university, which is $7700.

This is in no way professional tax advice, or even amateur tax advice, but rather a friendly note that this extension of the lifetime learning credit may be worth looking into.

posted by Tim Frandy

 

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