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Is the GI Bill considered a veterns' education benefit for tax purposes?
My wife is trying to do turbo tax and it isn't clear if the GI Bill is considered a vetern's educational benefit. Help!
3 Answers
- 1 decade agoFavorite Answer
The answer depends on the GI Bill benefit. I also am having serious problems with Veteran Benefits and how to apply them to the new educational credit. IRS Pub970 does give a perfect example of the Post 9-11 GI Bill, where the amount paid to the college/university entered, however the BHA is not, the amount paid to you. The reasoning it used was restricted use verses not restricted.
The old GI Bill, along with DEA benefits is paid directly to students and is unrestricted.So I also await answer how to enter the benefit.
VA needs to address this more, since IRS is basicly not sure?
Source(s): IRS Pub970 http://www.irs.gov/pub/irs-pdf/p970.pdf and www.va.gov - Anonymous1 decade ago
I advise that you go to a "Free consultation CPA or TAx preparer", get all information needed, then go back use your turbo Tax.
Source(s): http://www.gurianco.com/
