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-   -   1042-S-- Deduction for Book expenses? (https://www.askmehelpdesk.com/showthread.php?t=329229)

  • Mar 14, 2009, 03:28 PM
    OneSolution
    1042-S-- Deduction for Book expenses?
    I got 1042-S from my university. They treated my scholarship excess to tution fees as income. Hence Box 2 shows $809 and at 14%.. Box 7 shows 113.95 Tax

    I am filing Taxes using 1040NR-EZ... Can I claim books expenses on 1042-S? I did had to purchase books of about $500 for my clases and thesis work? CAN I calim these expenses?

    What are the other expesnes I can claim on 1042-S
  • Mar 14, 2009, 06:53 PM
    IntlTax

    Unfortunately, no. You cannot deduct the cost of the books.
  • Mar 15, 2009, 08:18 AM
    OneSolution

    I am using Cintax software and it asks me after I put 1042S information... it asks me to put in Books expense information?
  • Mar 15, 2009, 09:41 AM
    IntlTax

    Cintax has proven me wrong before. I may be mistaken.
  • Mar 15, 2009, 12:52 PM
    Five Rings

    This excerpt is from Pub 970:

    Example 2.

    Donna and Charles, both first-year students at College W, are required to have certain books and other reading materials to use in their mandatory first-year classes. The college has no policy about how students should obtain these materials, but any student who purchases them from College W's bookstore will receive a bill directly from the college. Charles bought his books from a friend, so what he paid for them is not a qualified education expense. Donna bought hers at College W's bookstore. Although Donna paid College W directly for her first-year books and materials, her payment is not a qualified expense because the books and materials are not required to be purchased from College W for enrollment or attendance at the institution.

    The rule here is:

    Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance.
  • Mar 16, 2009, 06:40 PM
    OneSolution

    Wow that was a very good information

    Appreciated
  • Mar 16, 2009, 07:26 PM
    IntlTax

    Also from Publication 970:

    A scholarship or fellowship is tax free only if:

    You are a candidate for a degree at an eligible educational institution, and
    You use the scholarship or fellowship to pay qualified education expenses.

    For purposes of tax-free scholarships and fellowships, these are expenses for:
    Tuition and fees required to enroll at or attend an eligible educational institution, and
    Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. These items must be required of all students in your course of instruction.

    Publication 970 (2008), Tax Benefits for Education

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