The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
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Thread created 01-22-2012 by Dem Bums
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i may be misreading the IRS website; there are some tax masters here I hoped they would chime in.
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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There is no AOC for grad school. You can however take the a deduction for the tution (Line 34 on the 1040). You will use form 8917. You will get around a $2K deduction based upon the info you have...
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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I think I have this ironed out but I wanted to run it by the experts first.
Facts:
2011 Gross Pay: $85,000
2011 MAGI: $78,000.
2011 interest paid on undergraduate loans: $1,500.
In 2011 I...
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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yes but the deduction isn't all the tuition that you paid. Fill out form 8917 to calculate. I believe you will be able to deduct $2K (which gets you closer to where you need to be).
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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Thanks, this is great. Will this deduction lower my MAGI so I can take advantage of the student loan interest deduction?
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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No it is a straight tuition deduction. He doesn't qualify for the lifetime learning credit as his AGI is too high.
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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8 Replies
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can the AOTI be used for grad school? I don't think so:
IRS
The American opportunity tax credit can be claimed for expenses for the first four years of post-secondary education.
AOTI does...
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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8 Replies
2,228 Views
Doh. So basically any kid of deduction for my grad school is out of the picture and I'd have to contribute $3K to a traditional IRA just to be able to deduct my undergrad student loan interest. ...
The American Opportunity Credit, Student Loan Interest Deduction, and their affect on MAGI
Expired
Thread created 01-22-2012 by Dem Bums
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8 Replies
2,228 Views
is that the lifetime learning credit?
