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Amending my taxes to add the school tuition paid out of pocket. Will I get any more money back?
I am doing a 1040x to add the 10k in school tuition my parents paid for me this year. The accountant said *I* claim it because I am an independent. I only made 9k because I rarely worked because of school. Is it even worth filing? Will I get anymore money back? Do I only get back the tax money I paid to my work to compensate for school tuition? How does this work?
Thanks.
On my taxes, yes I am independent. On my FAFSA, I am not. The accountant said since I am an independent on my taxes, I will be an independent in claiming the tuition money because FAFSA was not involved whatsoever, it was paid out of pocket.
1 Answer
- garyg7Lv 71 decade agoFavorite Answer
If you are a full-time student and under the age of 24, you're not "independent." There are some tax credits available for post-secondary education, but you need to have a tax liability for the credits to offset. (In tax terms, that means the education credits are not refundable.)
If you are over the age of 24 and you made $9,000, then you won't have a tax liability. You may be eligible for the Earned Income Tax Credit thought.
I hope this helps.
Gary
