bursar-l: IRS Instructions for Tuition & Fees Tax Deduction

Friends:
 
As you are probably aware, Congress belatedly reinstated the tuition and
fees tax deduction in December retroactively (it had expired January 1,
2006). In case you have a web page or some other means of sharing tax
information with students and families, I want to make sure that you are
aware of special instructions issued by the IRS recently for taxpayers
who want to claim the deduction.
 
The IRS had already sent its paper forms to the printer before Congress
acted, so there is no place on the form 1040 for the deduction. Further,
IRS needs to reprogram its software (and so will the on-line and
software providers presumably) to allow for the deduction, so the key
piece of advice is that no returns claiming the tuition and fee
deduction should be filed until early February.
 
More information including instructions on how to fill out paper forms,
is available at:
 
www.irs.gov/newsroom/article/0,,id=165640,00.html
 
Anne
Anne C. Gross
Vice President, Regulatory Affairs
NACUBO
202-861-2544 anne.gross@nacubo.org
202-449-1229 (fax)

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Received on Tue Jan 16 16:00:39 2007