Announcement Announcement Module
Collapse
No announcement yet.
Used FTA for Police Academy at accredited college, can I write off on tax? Page Title Module
Move Remove Collapse
X
Conversation Detail Module
Collapse
  • Filter
  • Time
  • Show
Clear All
new posts

  • Used FTA for Police Academy at accredited college, can I write off on tax?

    Excuse me if it's a dumb question...

    but if my police academy was paid by Federal tuition assistance, is this something I can still write off on my taxes? or because it wasn't paid by me, this is a no-go?

    how about the federal student loan that I took? (I used it for living expenses while going to the academy)

    Academy was about 5000 with that the FTA paid, and I took out about 7500 for federal student loan...

    thanks!

  • #2
    Re: Used FTA for Police Academy at accredited college, can I write off on tax?

    Originally posted by taseal View Post
    Excuse me if it's a dumb question...

    but if my police academy was paid by Federal tuition assistance, is this something I can still write off on my taxes? or because it wasn't paid by me, this is a no-go?

    how about the federal student loan that I took? (I used it for living expenses while going to the academy)

    Academy was about 5000 with that the FTA paid, and I took out about 7500 for federal student loan...

    thanks!
    I recommend you contact the institution and see if they are issuing / have issued a 1098-T form. This is like a W-2 that is issued by the educational instituion that indicates what you can claim if you itemize the deductions or use the educational credits. Start there and see what they say. It has been my experience that you can only claim what is issued on that form, however I am not a tax professional and if there is a significant difference in the tax return I recommend talking to someone who is so you don't get jammed up...especially if you are looking for a career in Law Enforcement. The mere speculation of you trying to get more then deserved out of your taxes could be a deal breaker for many agencies.
    Last edited by ParalegalNCO1; February 1st, 2012, 04:29 AM.

    Comment


    • #3
      Re: Used FTA for Police Academy at accredited college, can I write off on tax?

      I am not a tax professional, although I can explain the concept at a generic level. You can only deduct an expense that you incurred. Since you didn't incur the expense (because someone else paid), then there's nothing to deduct. Similarly, if someone makes a charitable donation in my name (like George Costanza), then he may take the deduction, but I may not.

      You may wish to contact an actual tax professional for a formal reading of this situation.

      Comment


      • #4
        Re: Used FTA for Police Academy at accredited college, can I write off on tax?

        Thanks guys, that's what I figured.

        Comment


        • #5
          Re: Used FTA for Police Academy at accredited college, can I write off on tax?

          Originally posted by matthew.ritchie View Post
          Similarly, if someone makes a charitable donation in my name (like George Costanza), then he may take the deduction, but I may not.

          You may wish to contact an actual tax professional for a formal reading of this situation.
          I always wondered about that sir. I thought that if they donated the money in your name then that meant you got credit for it. Otherwise, what is the point of them doing it in your name? (not that anyone is donating money in my name or anything, just wonder for common knoweldge).

          Comment


          • #6
            Re: Used FTA for Police Academy at accredited college, can I write off on tax?

            Originally posted by RSP NCO View Post
            I always wondered about that sir. I thought that if they donated the money in your name then that meant you got credit for it. Otherwise, what is the point of them doing it in your name? (not that anyone is donating money in my name or anything, just wonder for common knoweldge).
            All you receive is 'the honor'.

            I donate a monthly amount to Wounded Warrior Project 'in honor of' my boyfriend who was wounded and donate to St. Judes 'in memory of' a deceased child I knew. They (or their surviving family) receive a letter notifying them of the honor donation, but every year I receive the form from the charities noting how much I have donated, as I can claim it on my taxes.

            Now, I never notice a difference because I receive a refund every year, but people who 'pay out' will notice the credit (hence the reason alot of wealthy may make large donations....it's tax deductable). But like I said, if you tend to already get a tax refund each year, the only benefit you will probably receive will be that warm, fuzzy feeling.

            Note: I am not a tax professional; this is only my experience (my brother is a tax attorney though...lol)

            Comment


            • #7
              Re: Used FTA for Police Academy at accredited college, can I write off on tax?

              well if you do itemized deductions, you could get a bigger refund still. Just depends on the amount of donations a year though. Anyways...I digress, ok back to the original topic.

              Comment


              • #8
                Re: Used FTA for Police Academy at accredited college, can I write off on tax?

                Originally posted by RSP NCO View Post
                I always wondered about that sir. I thought that if they donated the money in your name then that meant you got credit for it. Otherwise, what is the point of them doing it in your name? (not that anyone is donating money in my name or anything, just wonder for common knoweldge).
                You get credit in a cosmic sense, but not in a legal/fiscal sense; hence the reference to George Costanza.

                Comment


                • #9
                  Re: Used FTA for Police Academy at accredited college, can I write off on tax?

                  Originally posted by matthew.ritchie View Post
                  You get credit in a cosmic sense....
                  So THAT'S what my tax attorney meant...

                  Comment

                  Working...
                  X