- Oct 30, 2000
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The instructions state that you can take the tuition or the LLC which ever is better for you.Originally posted by: Jnetty99
Here is my questions and concerns, I?m all confused.
2007 was my last year in college. I always take the lifetime learning credit. I spent about $8000 on 2007. But I now see this new Tuition and Fees Deduction ?What is the tax benefit of the tuition and fees deduction . The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000.?
Should I stick to the lifetime learning credit or try the tuition and fees deduction?
My other question is about itemized. I?m single and made only $30g?s. I don?t know if I should do standard deduction or itemized. I spent $5550 on Dental expenses this year. Thats my only expense that I could itemized, nothing else.
When using the Schedule A, you can deduct state tax (which you have in NY ), medical costs that exceed 7.5% of your income, charity, misc business related expenses, property taxes, and property related interest.
Try both options and see which will work.