1. Home
  2. Taxes General Forum
  3. Tuition expenses deduction, 1099

Tuition expenses deduction, 1099

Currently I am working part time and going to school fulltime. My tuition bill for this year was $42000. I allocated $10000 of these towards my hope credit.

My employer had promised to refund me $5,250 of tuition expenses under work fringe benefits. However at the end of the year they mailed me a 1099-MISC with $5,250 under non-employee compensation. My questions:

1) Can I deduct my tuition expenses against these $5,250 in 1099 income. 2) In what for would I enter this deduction - will I be forced to treat this as business income 3) Bottomline - would I have to pay any taxes on this $5,250?

I got this form late in March so really pushing against the tax deadline. Any help would be greatly appreciated. thanks

viper

> > > > > > > > >
Reply to
viper
Loading thread data ...

I would do it. Enter the 1099 non employee compensation on a schedule C and put the education expenses on the same sched C. If these tuition expenses bettered your education in your field of employment, makes sense to me. It does not seem right to me to be taxed on income such as this. They should have called it other income, not non employee compensation subject to SE.

Reply to
okietax

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.