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Step 1
File your tax return. When filing your tax return, you will indicate you are a student. This will automatically qualify you for the tax rebate. You do NOT have to fill out additional financial aid forms (how nice!).
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Step 2
Keep good records. This credit covers book, supplies, and of course college tuition. Make sure to keep good records of everything you purchase toward your education.
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Step 3
Make sure you qualify. To qualify for the tax rebate, you must be in school at least half time, make less than $80,000 per year, and have at least $2,500.00 of expenses that are not covered by scholarships.
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Step 4
Fill out IRS Form 8863. This is such a new tax rebate the 8863 form is not available just yet. By tax time 2010 (for the 2009 year), it will be available. You will need to fill out and file this form along with your regular tax forms.












Comments
chefjwin said
on 11/18/2009 Great info. I'm going to look into this.
cobrakai said
on 11/15/2009 I'm still in college doing nursing. I've gotta check this out. Great Tip! 5* and recommended
scottmitzi said
on 11/14/2009 Wow ... our kids are all college age and in school or heading back. This will be great advice to keep. Thanks
jeriaht said
on 11/2/2009 Thanks for the tip! 5* rec
sunnyglitter said
on 9/24/2009 I'm a full time student. I will check this out.