Tax issue

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I am on OPT now. I think I use 1040 form as resident alien. I could not unerstand the difference between line 34(tuition and fees deduction) and 50(education credits) to claim my expenses on education as per form 1098-T I got from school. If I use line 34, I get lesser than when I use line 50. Which one do we use? your suggestions please..

abhagi kale · Mar 23, 2009 5:56 PM · 14,539 views

5 Replies

I know there is somebody who knows about it. Please...  

abhagi kale · Mar 23, 2009 7:10 PM

Why are u filing 1040 resident. Aren't International students supposed to be file 1040 NR. Although I am not the expert

kya_naam_disturb · Mar 23, 2009 7:18 PM

U r in OPT so u qualify for 1040 as a resident. Also, use the education credit if ur 1098T says u have paid around 10000 mark. The deduction means more u spent on education more u save but the education credit gives u upto 2000, i.e. 20% of 10000 total education expense. However, don't forget to fill education credit form with your return claiming hope credit rather than deduction. To make it short and sweet. goodluck!!!

cincinnati_boy · Mar 23, 2009 8:26 PM

cincinatti boy thanks.   This is what I was looking for. Yes, claiming using Hope credit gives good refund.

abhagi kale · Mar 23, 2009 8:45 PM

Hi; To qualify for hope credit you should be in the first or 2 years in college, if you were in the third year undergraduate stuednent in 2008, then you not qualify for that. Find out other than Hope credit which ever gives you higher educational tax credit , choose that. Simple. Enjoy the Credit.  

Syanjali · Mar 24, 2009 10:29 AM

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Tax issue

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