Tax Time Life Savers

So many people forget Tax time and don't be one of them.

If you are young or old, independent, or a dependent student, most anyone qualifies for some tax credits. If you paid for your books out of pocket you may qualify. If your pell, or any other grand or scholarship paid for them, don't try it because its like asking for double free money... kinda dumb right? But if you or someone close to you bought them, they can be written off. If however you get money back for them, like say you sell them after the fact (like say you get the tax credit worth $500, and then you sell the books on eBay for like $400 you owe the government that money). Basically I mean I am no IRS guy but pretty sure that is how it works.

You also have to be conscious of the timelines and requirements. Like many of the credits require that you be pursuing an undergraduate degree, not a graduate, or that you be in the first so many years of college, or not have completed so many credits, you cannot claim multiples at once (like the AOTC and LLC), and there is a limit to the amount of years you can claim a credit. Most of the time you have to be enrolled at least half-time according to your school's enrollment definitions. It changes a bit each year so be sure to check the IRS website!

 I am not perfectly knowledged on this but I like to get the information out there because it can be a lot of savings! The credits are The American Opportunity Tax Credit and the Lifetime Learning Credit and you may be eligible for some other deductions. Just be conscientious when filling out your taxes and makes sure you get your 1098T forms from your school! If your parents are the tax filers, let them know. And if someone else got the books for you, talk with them about it, and look into it, one of you may be able to claim it (like say if it was your parents), but you have to be sure if both of you are filing taxes, you don't both claim it!