Show Government Pays Back By Hyrum Weight Assistant Editor My y education education i V may may r sl sive e but my pocketbooks pocketbook's depressed states one Salt Lake Community College student during during during dur dur- ing a discussion on finances and the cost of tuition These students students students stu stu- stu- stu dents along with many others are looking forward to tax returns like they're the proverbial proverbial proverbial bial Holy Grail of financial deity Unfortunately for some the yearly tax season bears the stigma stigma stigma stig stig- ma of being a confusing adversary adversary adversary adver adver- sary something to be feared For both categories there is a light at atthe atthe atthe the end of the tunnel No matter how much an individual may have put out to the government there are opportunities for stu stu- stu- stu dents to reap a little more 01 of what they've sown by using one of two prominent tuition tax credits While forms and advertisements for tax services and returns abound there are these two little known treats waiting for those who wish to put forth an extra ten or fifteen minutes worth of effort These treats take a little bit of the sting out of paying tuition to a school as well as taxes in support of the Federal and State Governments University of Utah Student Darren Breton is eagerly anticipating anticipating anticipating antici antici- his return With tuition going up next year this is really gonna save my butt states Breton as he prepares to file his own return He went on to say Its almost as good as tuition reimbursement The Internal Revenue Service commonly known as the IRS provides students in their first two years of College or other institution of of f Highet With th the op opportunity get nr-get a tax credit of up to 1500 dollars off what would normally be paid in Federal Taxes This means if a student paid out 1500 dollars or orless orless orless less in taxes last year they can get every last penny back However this does depend upon how much they or others spent on their tuition in 2002 provides students with a detailed summary of how much they spent on tuition the amount of financial aid they received and whether or not they took enough credits to qualify for the tax cred cred- it does this to assist students students students stu stu- stu- stu dents with their filings and by legal mandate It works like this for the first 1000 dollars a student spends on tuition in a year they can receive it all back dollar for dollar on their tax return For every dollar they spend after the one thousand thousand thousand thou thou- sand mark the student gets half of what was spent back up to a total of ofa a 1500 dollar credit This is done by filling a tax return on the IRS form 1040 or in conjunction with IRS form which i is also known as the form for the Hope Scholarship or Lifetime Learning Credit I did it last year and Im I'm making all of my friends do it this year what more do you want said one student Forms 1040 and can be picked up at various locations across the campus and at any post office For the form go to print it off ofT and wait for to provide you with the necessary information O |