Magazine article The CPA Journal

Correction

Magazine article The CPA Journal

Correction

Article excerpt

In "Planning for College Tuition Tax Benefits," by Mark E. Riley, Cindy L. Seipel, and P. Larry Tunnell (January 2006), there is an error in one of the examples illustrating the tax benefits available to college students. Example 7 (page 45) should have read as follows:

Example 7. Patty begins junior college in the fall of 2006, and her tuition is $1,000 per semester. If she prepays her spring 2007 tuition in 2006, she can claim an HSC of $1,500 based on her $1,000 of tuition for fell 2006 and her prepaid $1,000 of tuition for spring 2007. If she does not prepay her tuition, she would be eligible for only a $1,000 HSC in 2006.

Update: Phase-outs

The article also should have included updated phase-out ranges for the credits and deductions mentioned. For 2005, the AGI phase-out range for the Hope and Lifetime Learning Credits is from $40,000 to $50,000 ($80,000 to $100,000 for married taxpayers filing jointly). For 2006, the AGI phase-out range for the Hope and Lifetime Learning Credits is from $45,000 to $55,000 ($90,000 to $110,000 for married taxpayers filing jointly). …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.