2007 education expense


G

Gary Li

Can I put the education expense paid prior to 3/31/2007 into the 2006 tax
education expense ?

Thanks

-Gary
 
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P

Phil Marti

Gary Li said:
Can I put the education expense paid prior to 3/31/2007 into the 2006 tax
education expense ?
No. Expenses are used only in the year they're paid.
 
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S

Shyster1040

""Can I put the education expense paid prior to 3/31/2007 into the 2006 tax

education expense ?

Thanks

-Gary
""

No. You may be mixing up the timing rule for prepayments under Secs. 25A
and 222, under which, if you paid qualified tuition expenses in 2006 for
an academic session that started in Jan., Feb., or Mar. of 2007, then that
academic session would be deemed to have begun during 2006, and as a
result you could deduct in 2006 the expenses paid for a semester that
begins prior to 3/31/2007.

Unfortunately, the rule does not work the other way around, and you cannot
back-credit expenses that you actually paid in 2007. However, because the
deemed rule referred to above only applies with respect to repayments, you
will be able to deduct for 2007 the expenses you paid in 2007 for a
semester that started prior to 3/31/2007.
 

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