Terry D EA Posted February 12, 2012 Report Share Posted February 12, 2012 Has anyone seen any updates to Pub 970? The latest one I have seen is 2010. I had a client call regarding the inclusion of room and board as qualified education expenses to claim any of the education credits. In Pub 970 2010 room and board does not qualify as an expense when calculating the credit. It does, however, qualify as a deductible expense when it pertains to student loan interest. Quote Link to comment Share on other sites More sharing options...
BobinNJ Posted February 12, 2012 Report Share Posted February 12, 2012 Publication 17 for 2011 specifically states that qualified education expenses do not include: Room and board, insurance, medical expenses (including student health fees), transportation, or other similar personal, living, or family expenses. It goes on to mentions other things, however the answer to your inquiry is above. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 12, 2012 Report Share Posted February 12, 2012 The amount of interest on the student loans that can be deducted, is NOT dependent upon what the loan was use to pay for. The limitations only apply to what can be claimed for qualified education expenses for education tax credits. For all education credits, tuition and fees are includable. For the American Opportunity Credit, supplies and items that are REQUIRED for certain classes, or college attendance can also be included. Example: Photography class requires a camera. Art classes require brushes, paints, etc. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 13, 2012 Report Share Posted February 13, 2012 If state boards are required as a conidtion of receiving your degree (such as an associates degree for a dental hygienist) can they be included as part of the education fees for the American Opportunity Credit? The way I read it, the fee would have to be paid to the college instead of the state licensing agency but I wondered if anyone had a different opinion. The college will not graduate the student until they pass their boards. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 13, 2012 Report Share Posted February 13, 2012 >>college will not graduate the student until they pass their boards<< That's an odd requirement. Usually candidates must complete the schooling before they can take state exams. And there are plenty of non-academic reasons a student would not be eligible or able to take the exam, which would damage the school's important graduation ratio. Anyway, I don't think such an expense is qualified. Nursing students may also be required to prove current vaccination record, fingerprinting and background check, transcripts from other schools, and so on. In my opinion, the credit is more narrowly focused on the curriculum itself. Quote Link to comment Share on other sites More sharing options...
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