Education credit and Federal Grant?
kody-tako asked:
I am a part time student and work full time. My W-2 income was high enough that I will need to file a 2007 tax return. I am not a dependent and I also received federal grant to cover my tuition and books last year.
I am a part time student and work full time. My W-2 income was high enough that I will need to file a 2007 tax return. I am not a dependent and I also received federal grant to cover my tuition and books last year.
I realize that federal grant is not taxable and I did not pay a dime for my own tuition out of my own pocket. My question is: Am I eligible to claim any eduation credits (ie: hope or lifetime learning credit) if the tuition is paid from federal grant?
No.
No education credits or deductions for expenses paid for with a grant.
No you can’t - you didn’t pay it. And actually, while the amount of the grant spent on tuition and fees is tax free, the amount spent on books is taxable income to you.