Tax night

Tonight, after finalizing taxes, I noticed that our MAGI number was very close to the magic number which allows for Tuition Fees and Deductions to be potentially taken as Hope or Lifetime learning credits.  Remembering that there is a possibility that one can make IRA contributions, I spend some time studying how that scenario would play out with our bottom line.  Turns out it doesn’t help, but I understand how the education deduction and credits work much better now.

Also discovered that we missed the Tuition Fees and Deductions last year in 2007 returns.  Fortunately, filing the 1040X looks easy, and will net us the missing $500 in refund.  Whew!

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