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*KellyA* TAX QUESTION
I'm running into some questions as tax time rolls around. I'd appreciate any help you can give me.
For the new schooling credit thing, I see that it asks if you're in your first 4 years of school. Do they mean actually 4 years, 8 semesters or 120 credits, or are you still considered in your first 4 years if you're still an undergrad? I just finished my 10th Semester (had to take medical leave) and started college in Fall 2004. I do have more than 120 credit hours completed but am still 3 semesters away from graduating.
Also, My husband works 5 hours away and is there for sometimes weeks at a time, so he has had to get a separate apartment there for while he works. I can't move there because of schooling. Is there a way we could claim his living expenses there as work-related? It is still in the same state. I live in Buffalo, NY and he is in Ellenville, NY (an hour north of NYC).
Because of having so many questions we're thinking of going somewhere to have our taxes done, instead of doing it ourselves with one of the at home tax programs. What would you recommend? TIA for any insite you can provide. Thanks!!!
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Re: *KellyA* TAX QUESTION
Hi ladies!
For the school question, there is actually more than one education credit. They keep changing the rules on one of them (it used to be called the Hope Credit), and that one has a bit more stringent of guidelines. The safer choice is the Lifetime Learning Credit. It is a $2,000 credit for any college classes, doesn't matter if it is undergrad or grad school, or if you've been in school for 20 years.
As for your husband's apartment that he uses for work, unfortunately there won't be a way for you to claim that as a deduction. You aren't living in two places out of necessity - you live near your school for your convenience...at least that's how the IRS views it.
If I were you, I would have your information looked at by a professional. It sounds like you have a couple of things going on that would create a "better safe than sorry" kind of situation.
Hope this helps!