Taxable Income Vs Gross Income
Question: Income tax return: Tuition deduction vs. Lifelong Learning Credit?
I have figured my taxes two different ways: 1) Taking the tuition deduction, and 2) Taking the Lifelong Learning Credit instead. Either way, my Taxable Income (and thus tax liability) works out to be zero. By taking the tuition deduction I have a lower adjusted gross income. Is there any advantage to doing my tax return one way vs. the other?
Yes, I qualify to take the Tuitition and Fees Deduction, as per the criteria on Form 8917. I am not itemizing, but am taking the Standard Deduction whether I take the tuition and fees deduction or the Lifelong Learning Credit.Answer: The only thing that comes to mind is that you may not want to reduce your taxable income to zero with the tuition and fees deduction – if you have some earned income you may qualify for the earned income credit. The lifetime won’t reduce your taxable income to 0 it can however reduce your tax liability to 0. It’s a tax credit not an adjustment to income. I’m not sure how you calculate that the lifetime reduced your taxable income. Take the Lifetime.
Zions Bancorporation Reports 2010 Second Quarter Results
Zions Bancorporation today reported a second quarter net loss applicable to common shareholders of $135.2 million or $0.84 per diluted share, compared to a net loss of $86.5 million or $0.57 per diluted share for the first quarter of 2010.
Income Lesson One.MP4
