Any Tax Whizzes?

Anonymous_9f7cfd0fb8f26b70415ab19f496ff2ed
Wed, 04 Feb 2009 19:17:36 +0000

your non-tuition expenses (books, room & board, fees), 4500 is “qualified education expenses” of ESA as tax-free under irs regulation. This allocation of your available funds is your option; then, you are not allowed this fund to apply any other deduction or credit.

your tuition expense, 2000, out of pocket (not ESA), can be applied to tuition deduction or Hope/Lifetime credit. This is what you asked, right.

the definition of “related expense” (non-tuition) is different on ‘tuition and fees deduction’, H/L credit, and ESA. Just make sure and allocate your expense wisely. Keep records.