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February 12, 2021
Question

Hello, can i get money back from paying off a tuition?

  • February 12, 2021
  • 2 replies
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2 replies

DoninGA
Employee
February 12, 2021

No.  Paying off tuition or a student loan is not reported on a tax return.

Hal_Al
Employee
February 12, 2021

If "paying off tuition" means paying a debt for past year tuition, the answer is no.

You do get a very generous tax credit for paying current year tuition, 40% of it (up to $1000) is "refundable".  That is, you can get it even if you have no calculated tax liability.

 

But, there's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants.  It is usually best if the parent claims that credit. 

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.