Education Credits


D

dman81

Hi,

I do my taxes using TurboTax and I recently found out that you can
claim credit on borrowed money used to pay for your education. Can
you guys tell me how I can claim this lost credit for this year? The
missed credit was for 2006. Can it be rolled over or is it lost?
Also can one just claim the maximum amount and save the rest for
future years? I would be claiming the Lifetime Learning Credit.
Please advise and thank you so much!

Dan

========================================= MODERATOR'S COMMENT:
If you meet the rules for claiming the LLC (See IRS Publication
970) you can amend your 2006 tax return by filing forms 1040X and 8863. If
you paid the tuition, even if from a loan you must repay, in 2006, the tax
credit must be filed for tax year 2006.
 
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P

Paul Thomas

dman81 said:
I do my taxes using TurboTax and I recently found out that you can
claim credit on borrowed money used to pay for your education. Can
you guys tell me how I can claim this lost credit for this year? The
missed credit was for 2006. Can it be rolled over or is it lost?

You'll have to prepare and file an amended 2006 return to take the 2006
cresit. Use Form 1040X for that purpose. The 2006 software might do that
for you, or you'll have to go online and download a paper form - either way
you have to mail it in.



Also can one just claim the maximum amount and save the rest for
future years? I would be claiming the Lifetime Learning Credit.
Please advise and thank you so much!


No "saving" in this area. Use what you can, the rest is lost for tax
purposes.
 
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C

Condor

I do my taxes using TurboTax and I recently found out that you can
claim credit on borrowed money used to pay for your education. Can
you guys tell me how I can claim this lost credit for this year?
The credit is claimed on Form 8863. Due to tax law changes enacted in late
December, 2007 returns that include Form 8863 cannot be e-filed until
February 11. Nor will processing begin for paper-filed returns with Form
8863 attached until February 11.

The missed credit was for 2006. Can it be rolled over or is it lost?
To claim the credit for 2006 you will need to file an amended return on Form
1040X with the 2006 version of Form 8863 attached. The processing delay
mentioned above does not affect amended returns. Here are links to Form
1040X and to the 2006 Form 8863.

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

http://www.irs.gov/pub/irs-prior/f8863--2006.pdf

Also can one just claim the maximum amount and save the rest for
future years?
No. The credit is allowable only for the year the expenses were incurred.
Unused education credits cannot be carried back or forward to other tax
years.


Condor
 

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