I normally file my taxes electronically through Taxact (I believe that's the site). A few things have come up this year that may make me consider buying software like TurboTax or even going to H&R Block.

Those things are:

-American Opportunity Tax Credit. I'm a student this year and I know the returns you can get by claiming this credit can be somewhat substantial. I want to make sure I get every dime of this.

-Returns Return. I normally never do this. Not sure why but I think I should file this in some fashion.

In this spot is it worth forking out the extra dough or do online sites such as Taxact hold your hand through this?

Taxact would probably cover you for American Opportunity or Lifetime Learning. The only reason why I might go to a professional is for consulting more than filing the actual return. But if your return is fairly simple with few forms, I wouldn't pay. (Although your preparing price may be tax-deductible)



Source: Acc. student. Prepares returns at VITA sites for two years

getting the American Opportunity Tax Credit is easy...don't pay hundreds of dollars to get a preparer for that

What is a "Returns Return"? I'm an Accounting student and have been doing my own taxes for years and I have no clue what the heck you're talking about.

Goof on my part, meant "Renter's Return"

I guess I still don't understand what this is. Can you provide a detailed description of the facts? I should then be able to form a better opinion.

Student tax credit should be easy to calculate. Tuition + Board got me up to the max amount.

Just research it and you should be able to complete it fairly quickly.

Holla Holla Holla Holla.

Not sure if OP is referring to this, but some states have renter's credits. If you qualify, you get a credit on your state income tax return. See link for an example from California: http://www.irvinelaw.com/RENTERS.html

Just pay $25 or whatever for turbotax online deluxe.

Far cheaper than a preparer and dirt-simple to use.

I've been using TaxACTonline.com so far to fill out my return.

I keep getting $0 for my American Opportunity Tax Credit.

On my form 1098-T:

2. Amounts billed for qualified tuition and related expenses $6,134.61.

5. Scholarships or grants $6103.

_______________________________________

I factored in the cost of a computer ($1,119.99) as it was required for my major. I also factored in books and website keys for around $250. I factored in about $2300 for room & board.

Is my scholarship/grant amount paying most of the expenses causing me to not get a credit? Do you only see money if you owe taxes and you want this to apply to lessen the amount or can you get cut a check for $2,500 (granted if your expenses are that high)?

I have done many returns with American Opportunity and as far as I know (don't quote me on this because the papers aren't in front of me):

a. It is refundable. So no, it doesn't just make you owe less; but rather adds to your refund.

b. The formula is (tuition + expenses) - (scholarships/grants).

c. I think it's only good for $4,000. However, that doesn't mean you'll get refunded $4,000.

But anyway, I would have to see the actual 1040 to know what you're doing wrong.

AJ, sent you a PM.

Is there something preventing me from getting anything on the American Opportunity Credit? It says I qualify and I meet the conditions.

Here is some basic info:

1. Filing as Single.
2. As of now I'm doing them as not-claimed. I told my mom this and she's fine.
3. 22 years old.
4. No drug convictions ever.
5. Undergraduate student.
6 Never claimed this credit.

are you within your first four years of college? at least half-time student?

Adj. Gross Income < $80k

Btw, room and board does NOT qualify

Also, are you saying your tuition/expenses listed on 1099-T are $6134, scholarship of $6103 and then you personally added other expenses?

e.g. $6134+1120+250=$7504 expenses

You're only going to get credit for the computer and books. And it's not a 1 to 1 credit.

it still doesn't make sense as $0 though