Tax Refund Question (Tuition Related)

[nomoreneveragain]

This year I paid for tuition for Summer 11 account that was past due and paid for tuition for 2012 as well.

Correct me, if I am wrong but the Tax Credit is up 2500, the amount I paid exceeds 2500. Even though on Turbo tax I read it was 4,000

Can I get the additional refund for 11'. Even though I paid it off this year or do I lump it together?

 

[Sensitive Blake Griffin]

you can take a tax deduction of 4000 or a tax credit of 2500.. you're gonna have to calculate which would be more beneficial, but in most cases tax credit's are more beneficial. I'm pretty sure the tax credit is available only for amounts paid by the end of 2012. (so you'd add 2011 and 2012 amounts)

 

[Sensitive Blake Griffin]

it's better to defer revenue immediately so you missed out on some of the benefit had you paid and taken the credit/deduction last year as well, you're not gonna get any "extra" benefit though because you didn't take it for 2011 year.