Tax question for those more in the know than I?

) February 2nd, 2010

Ok so I graduated college this June, and I decided this is probably the year I should file my own taxes (my Mother has been doing them to this point). Well I just filled them out (using Turbotax) and I put in my tuition paid for 2009 (about half of what it was the rest of my years in school). Well this gave me a HUGE increase in my refund (over half of my refund is from this tuition paid credit). Well I called my mother because I’ve never received a big refund (a few hundred dollars normally, vs 1400 this year). She informed me that she has never listed the tuition paid in any of my previous tax returns.

Quick facts that may help you answer this:
-This tuition was paid by student loans, and in all but one case (4 cases total) was paid directly to the school by the bank.
-I made almost 17k this year (combined student job income and new job income), which is significantly more than I made any year of college (I think the most I made any year of college was about 4k). I realize this may effect the amount of this credit, but I’m under the impression that I’m still eligible for some part of this credit.

So basically the question is, how do I go about going back and retroactively fixing those tax filings, so that I can get the additional refund I think I probably should’ve been getting?

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9 Answers

You can file a tax form for prior years, but i would let someone like H & R Block handled this for you. it can be complicated. you may have a pleasant surprise coming.

john65pennington (29273

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If the tuition was paid for via student loans, I’m not sure that counts as what you paid in tuition this past year. I, too, would at least call a tax hotline to find out about that.

augustlan (47745

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@augustlan That was my mother’s first concern too, but I read into it further, and it includes anyone who paid tuition on your behalf, including banks. But yah, it sounds like I may need to call a tax company.

Anyone else know anything?

FrankHebusSmith (4319

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File amended returns.

YARNLADY (46619

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@YARNLADY How do I go about doing that? lol

FrankHebusSmith (4319

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Go to the IRS website or follow these instructions.

YARNLADY (46619

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If it was a loan that you must pay back then it WAS your money. It wasn’t a grant, it was a loan. As far as revising prior year returns goes, I would have a CPA handle it for you. If you are going to be starting out your career life, and plan on building wealth, now is the time to establish a relationship with a good CPA, not just a tax preparer.

Judi (40025

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Do not go to H&R Block. Please listen to @YARNLADY. I received false information from H&R today (and this is after using them for the past 15 years.) The IRS will give you the information that you need.

jonsblond (44316

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UPDATE:

Ok I’ve looked into it extensively, and it appears that I can go back and amend my taxes to include this. However, it would be basically a moot point, because I was averaging about 4 or 5 thousand a year whilst in college, and since it isn’t a tax refund but a credit, it would likely do me no good.

However, I’m looking into the idea that for the years I was in college where my mother claimed me as a dependent, SHE can claim these tuition payments on her taxes (also something she didn’t do). Can anyone verify that this is possible?

FrankHebusSmith (4319

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