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Students and Education

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Resource Description:	Questions answered by the resource:
Education and Work-Related Expenses http://www.irs.gov/faqs/faq3-2.html Source: Internal Revenue Service Answers to frequently asked questions regarding tax deductions for certain education and work-related expenses. full description	What educational expenses are deductible? What are types of educational expenses? Can I deduct the cost of classes I need for work? Am I eligible to claim both job-related educational expenses and the Lifetime Learning Credit? My employer is including my graduate school tuition reimbursements on my W-2. Where do I claim these education expenses on my Form 1040? Is the exclusion from income of up to $5,250 of employer-provided educational assistance under a qualified program still available? How do I claim an educational expense on my return? Where can I get more information on educational expenses? I have a child attending a private Catholic grade school. Is any or all of the tuition I pay deductible or a tax credit? I will be homeschooling my child next year and would like to know if school related expenses, such as curriculum, school supplies, field trip activities, etc., are deductible? If your child is diagnosed as ADD and cannot function in a public school setting and must be sent to a private school, can the cost of the private school be deducted from your taxes? Can I file Form 1040EZ if I have interest to deduct from student loans? Can I take a deduction for the interest I paid on my student loan? What are the limits for deducting interest paid on a student loan? Does consolidating my student loans impact how the 60-month period for student loan interest is calculated? Is the $2,500 maximum deduction (credit) for student loan interest per PERSON, or per RETURN? I am married filing jointly, and have paid over $3,000 between my husband and I of qualified interest payments. Are we allowed to deduct $5,000 ($2,500/person) or only $2,500 total on our return? If I file married filing separately can I claim the new student loan interest deduction? I am a parent repaying a loan for my daughter's college education. The loan is a parent's loan taken out in my name. Is the interest deductible on my tax return? My mother borrowed money for my college education. Now that I'm out of school, I make the monthly payments, but the loan is under her name. Can I take the student loan deduction since I'm actually making the payments? Last year, my parents took out a student loan for me in their name and I also took out a student loan. My parents received Form 1098-E for their loan and I also received Form 1098-E for my loan. Can we both claim the interest from the loans on our tax returns? I am an employee. What form do I use to claim business expenses for local transportation? I moved to a different state to accept a new job. Will I be able to deduct all of my moving expenses?
Education IRAs http://www.irs.gov/individuals/article/0,,id=96275 Source: Internal Revenue Service Answers to frequently asked questions regarding Education IRAs. full description	What is an Education IRA? For whom may an Education IRA be established? Where may an individual open an Education IRA? When may a taxpayer start contributing to an Education IRA for a child? How much may be contributed to an Education IRA? What happens if more than $500 is contributed to an Education IRA in one year? May contributions other than cash be contributed to an Education IRA? May contributors to an Education IRA take a deduction for those contributions? Are there restrictions on who can contribute to an Education IRA? May a child contribute to her own Education IRA? Does a taxpayer have to be related to a child to donate to that child's Education IRA? How many Education IRAs may a child have? May a designated beneficiary take a tax-free withdrawal from an Education IRA if they are enrolled less than full-time? What happens when a person makes a withdrawal from an Education IRA to pay for school expenses? What are 'qualified higher education expenses'? What is an eligible education institution? What happens if a person withdraws funds from an Education IRA but does not have higher education expenses? Is a distribution from an Education IRA taxable if it is contributed to another Education IRA? What happens to the assets in an Education IRA after the designated beneficiary has finished her education? May an Education IRA be transferred to another child/beneficiary without triggering a tax? May a student or her parent's claim the Hope Scholarship Credit or the Lifetime Learning Credit in a year in which the student receives money from an Education IRA on a tax-free basis? May contributions be made to both a qualified state tuition program and an Education IRA on behalf of the same beneficiary in the same year?