how much can a single person deduct in education in a fiscal year?
480785
It depends on how you file.
896171
Let me make sure I understand the question.  Are you saying you are taking out an early distribution from your IRA of $40,000 and want to shelter all of it from the 10% early distribution penalty?  Well, first of all, you only have $10,000 per person per lifetime of 1st time home buyer's exemption.  Of course, if there are two of you, each can pull out $10,000 from their own IRAs.\n\nIt looks like you are reading Publication 590.  Good.  The phrase that is confusing to most people is "The part not subject to the tax is generally the amount that is not more than the qualified higher education expenses (defined later) for the year...".  What they are saying is that the amount you can exempt for education can not be more than the amount you paid for education.  They are not saying you can't include other exemption items on top of the education exemption items.\n\nSo, if you paid $11,000 for tuition, fees, books, supplies, and equipment regardless if it was from a loan, a gift, or from your own wallet, but not from a scholarship or grant, and if you paid at least $10,000 for a house, and if your medical expenses exceeded 7.5% of your AGI by $2,000 (regardless if you use a Schedule A), then you can pull out $23,000 from your IRA and not be penalized.  Don't forget that even though you avoid the penalty, you will still have to include the amount you pull out as taxable income in the year you pull it out.  There is nothing you can do to avoid that.
107387
If you itemize deductions it's 1040. If you just use standard deductions its 1040A
117751
it is a 10 percent penalty plus the taxes.  You can take it out without penalty for education and certain other approved uses.  I would advise against it otherwise.
143819
If you itemize your deductions, then your state taxes are deductible from your federal taxes.  Other common large deductions include real estate or property tax, interest on home mortgages, and (if you don't make too much money) the interest on student loans.
246194
This depends on where and what they are teaching. Anywhere from 18K to 52K depending.
34222
You have to use form 1040, schedule A. Chances are, if that's the only deduction you would take, that the standard deduction is better for you. The student loan deduction isn't that great. Between it and the Hope credit and Lifelong Learning Credit, you'd be lucky to get $1k.
787339
If the loan is for your education, and your parents take the loan out to pay for your education, and your parents are responsible for paying the loan back, then they can claim up to $2,500 per year of interest on the loan (assuming they pay it) as a deduction on the front page of their 1040.  Now, there are a few exceptions, as there always are with taxes.  Your parents can't file as Married Filing Separately.  If they file as Married Filing Jointly, they can't claim the entire $2,500 if their adjusted gross income (AGI - bottom number on the front page of their 1040) is above $105,000, and they can't claim any of it if their AGI is above $135,000.  If your parent files as single, then the $105,000 becomes $50,000 and the $135,000 becomes $65,000.
900206
A single person can take pretty much the same deductions as a married person, if they have the expenses.\n\nA monetary gift is only deductible if it's made to an authorized charity, and then only if you itemize, and within limits.
415172
For Federal stuff, it's easy.  Just look up the amounts in the Circular E from the IRS for this year.\n\nhttp://www.irs.gov/pub/irs-pdf/p15.pdf\n\nIn case you don't see it, you have to withhold 6.2% for OASDi and 1.4% for Medicare as well so long as they have not met the wage based limit for 2006 yet.\n\nFor State taxes, you'll have to look and find out what taxes you need to withhold, and at what rate.
179296
NO. You can not take high school books or anything to do with high school off of you taxes. You can take college exp. Or CEU's but not high school. Sorry.
143923
Collectively, for 2005, the federal government collected\nthe following:\n\nIndividual Income Taxes: 927.222 (billion)\nCorporate Income Taxes: 278.282 (billion)\nSocial Security: 794.125 (billion)\nExcise Taxes: 73.094 (billion)\nOther: 81.136 (billion)\n\nSee page 31 of reference #1\n\nIndividually, federal income taxes are based on\nthe following tables:\n\nFiling single\n-------------\n\nUp to $7300: 10%\nUp to $29700: $730 + 15% of anything over $7300\nUp to $71950: $4090 + 25% of anything over $29700\nUp to $150150: $14652 + 28% of anything over $71950\nUp to $326450: $36548 + 33% of anything over $150150\nAbove $326450: $94727 + 35% of anything over $326450\n\nFiling joint:\n-------------\n\nUp to $14600: 10%\nUp to $59400: $1460 + 15% of anything over $14600\nUp to $119950: $8180 + 25% of anything over $59400\nUp to $182800: $23317 + 28% of anything over $119950\nUp to $326450: $40915 + 33% of anything over $182800\nAbove $326450: $88320 + 35% of anything over $326450\n\n\nSo, for example, if you are single and make $40000,\nyou would fit into the "Up to $71950" category and\nyour calculation would be:\n\n$4090 + 25% of (40000-29700)\n$4090 + 0.25 * (10300)\n$4090 + $2575\n$6665\n\nFor more information, see reference #2.
827149
the total amount including taxes
440762
I pay $7600 a year in taxes for 60x100 lot. That's the world of Long Island, NY. About 75% of that goes to the local school district. Yes I have no children. And I've lived in the same house for 34 years. There's got to be a better way. Folks are screwing me to financial ruining.
455099
YOU SHOULD BE ABLE TO DEDUCT SOME OF YOUR TUITION AND SUPPLIES.  YOUR SCHOOL SHOULD HAVE SENT YOU A FORM FOR TAXES!
166312
According to the irs . . . you may deduct the cost of your own education related to your trade or business.  you must be able to show the education maintains or improves skills required in your trade or business, or that it is required by law or regulations, for keeping your license to practice, status or job.  IE:an attorney can deduct the cost of attending continuing legal education classes that are required by the state bar assoc. to maintain his or her license to practice law.\n\neducation expenses you incur to meet minimum, requirements of your present trade or business or those that qualify you for a new trade or business, are not deductible.  this is true even if the education maintains or improves skills presenty required in your business.\n\nfor more info see publication 970.\n\nhope this helps.
55006
Basically your standard deduction is doubled and your tax will be at a lower rate. If there are kids, you have more deductions depending on your income and their ages.