Will I be able to claim my tuition this year?

The question

I’ve been a student for four years, and I have always claimed my tuition on my taxes. I’m just curious, though–can I claim the full amount of my tuition this year? I’m now attending a full-time private college, which is much more expensive then the community college I was going to. I used student loans and a couple of grants to pay the tuition, and I’ve been making monthly cash payments out of pocket to cover the remaining balance. Am I only able to claim the monthly payments I’ve been making for the past 11 months? I believe I’ve already received the Hope Credit and the Lifetime Learning Credit…am I still able to get anything?
My student loans are deferred until after I graduate (2013).
Also, do I have to wait for the school to send me a 1099? Because God only knows when (or if) they’ll send me one. Thanks, any advice is fantastic.

Best answers:

You can get tuition and fee deduction (maximum $ 4000) or education credit based on 1098-T.

Under ARRA, the American Opportunity Credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. The credit can be claimed for four post-secondary education years instead of two, and it also adds required course materials to the list of qualifying expenses. The maximum annual credit is $ 2,500 per student.

The full credit is available to individuals whose modified adjusted yucky income is $ 80,000 or less, or $ 160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

It is too lengthy a subject. I will just agree with Jss.

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