Special expenditure - college - tax deductable?
I added several special expenditures for college, and since I know those are partially tax-deductable (depending on income limits), I thought ESplanner would figure out the fraction they were tax deductable; I think the deduction limit is $4,000 in one case and a $2,500 credit in another case. But instead it appears ESplanner is taking the whole college expense I entered as a tax-deduction, which incorrectly lowers my projected taxes too much. To be more accurate I think I should just change it to "not tax related." Does that sound right? Or I could try to do a more detailed calculation of how much might be deductable (my income might be too high to get all the deduction) and how much isn't deductable, and enter them separately.
Tue, 05/02/2017 - 21:00
Yes, or enter two different
Yes, or enter two different amounts: 1) the amount that is tax deductible as a tax deductible expense and 2) the remaining as not. You got it right.
Sat, 05/06/2017 - 18:02
I found it easier to mark
I found it easier to mark College Expenses as "Not Tax Related" and then add in a Special Receipt for the $2500 tax credit for each year a child is in college. I think this provides more accurate results.
Sat, 05/06/2017 - 18:05
good idea. I forgot about
good idea. I forgot about that tax credit.