If i pay out ofpocket for my college tuition,how much of it will i get back when file taxes?

Question

If i pay out ofpocket for my college tuition,how much of it will i get back when file taxes?

Answer 1

I believe the only thing you get is that life learning credit, which is  for your first two years of school and a few $100.  you could deduct taxes but... you're out of pocket.

Answer 2

It depends on what education credits you qualify for when you file your taxes.  The variables involved are a bit complicated for looking for such a simple answer that is not quite that simple.  

You don't get back this money per se either.  The tax credits allow you to have your overall tax liability reduced.  But it will only reduce to what your tax liability is.  If the hope scholarship allows for a $1650 credit and you owe $2,000, you are going to still have tax liability for $350.  Then depending how much you paid in taxes during the year (say $500), they deduct what you owe ($350) from the amount you paid ($500) to find out what your refund is - $150.  

This is a rough idea of how it works.  We can tell you what the max credits you can get, but what the means to you could be nothing, or everything.  We don't know the rest of the tax and income picture to accurately inform you.

Talk to a tax professional.  Best advice.