Quick question about tuition credit amount on tax.. i have like 50k!!
So i have like 50k tuition amount, does that mean i'll get back 50k eventually from working? I wasn't able to find a clear answer
xtreme to the maximum
Quick question about tuition credit amount on tax.. i have like 50k!!
- Last Updated:
- Apr 19th, 2022 5:53 pm
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- xtremeguy [OP]
- Penalty Box
- Dec 16, 2020
- 165 posts
- 208 upvotes
5 replies
- vdimitrov
- Jr. Member
- Mar 12, 2006
- 194 posts
- 174 upvotes
It is a tax credit. You will get some percentage of your taxes deducted based on your income level, when you have a taxable income. You can transfer up to 5k of tuition credit, in the year it is earned to a parent, who is probably in a higher tax bracket.
- xtremeguy [OP]
- Penalty Box
- Dec 16, 2020
- 165 posts
- 208 upvotes
Yes i know, but lets say i pay 5k in tax do i get 5k back from the credits? What i'm asking is that will i eventually get back 50k?
xtreme to the maximum
- taxrage
- Deal Addict
-
- Jan 15, 2017
- 1682 posts
- 1215 upvotes
No. It's a credit, which means that if you look on the tax form you'll see that it's value is <bottom fed rate + bottom prov rate> x $50K, or about $10K.
- xtremeguy [OP]
- Penalty Box
- Dec 16, 2020
- 165 posts
- 208 upvotes
- taxrage
- Deal Addict
-
- Jan 15, 2017
- 1682 posts
- 1215 upvotes
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