STYLETHREAD -- LET'S TALK SHOP!

Hermione · Kate Spade

ILoveChoo ...

ILoveChoo · Hermes

basically unless we can come up with a bunch of dedctions by itemizing (which I doubt cause I never save receipts for anything) I'm screwed and am going to owe a few thousand dollars. I underestimated the amount of tuition that I used, so I thought they had the wrong amound even though it was right. Which means my taxable income is twice what I actually made and totally sucks. I can only claim about $1,000 in tuition credits since thats all I paid out of pocket, which helps a little but still keeps me in the higher bracket.

I spoke with benefits at work and with two cpas and they all agree that I'm probably goign to have to pay it. Which sucks, but I'll deal I guess. Even if I have to take out a loan or something to pay the taxes, it would be less than I would have paid in tuitiion...

Hermione · Kate Spade

i just cannot understand this at all - how can they count tuition as income? education expense are always listed separately and usually looked at more forgivingly by the government. in addition, there are hope education credits that can bring your taxes down.

ILoveChoo · Hermes

I sort of understand it... basically my employer paid the tuition for me- I didn't pay it so I can't get the credits. And since they paid it, I guess it was sort of like income... even though it wasn't like if I didn't take the benefit I would have gotten extra cash.