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Doing Some Math and A Tax Question

February 16th, 2014 at 11:55 am

So this morning I figured out that if I pay $680 a month on the mortgage it will be paid off this year. If I pay $2000 out of our income tax refund and pay $690 a month it will be paid off in October. This is assuming I make a payment March 1 as I don't expect to see the tax refund before the end of March.

We could actually pay off the entire mortgage with our tax refund and still have some left over. (Don't judge the big tax refund. We are getting it because of our HSA being maxed out this year.) Except I want to put $2000 into the college/tuition fund as well as pay $2000 on the mortgage. And put a substantial chunk of it into the Aquaponics Fund.

Does anyone know if a portion of high school tuition is deductible like college tuition is? I know we won't be able to deduct it until next year, but it would be good to know now. My daughter will be enrolling in an online high school to finish her senior year and we'll be paying between $690 and $1445 depending on how many credits transfer. I think 17 will transfer but they won't know until they get her transcript.

Also, can you deduct tuition or college expenses for more than one person or is it a set amount per year regardless of how many people in your family are going?

1 Responses to “Doing Some Math and A Tax Question”

  1. MonkeyMama Says:

    Off the top of my head? No high school tax deduction. College tax credits are limited for higher incomes (which you may or may not come up against). There is no college tuition deduction. I mean, I think there is now but it goes away next year. & regardless, that also had in income limitation.

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