2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Currently, a huge number of people receive higher and secondary specialized education on a paid basis. However, many do not know that tuition tax refunds can be made.
Features and requirements
This can be done if the following conditions are met:
1. The education you or your children receive should come first.
2. Obligatory receipt of training within the native state. Thus, if you attended classes abroad, you cannot count on a tuition tax refund.
At the same time, the form of education does not in any way affect the implementation of payments. In addition, there is no distinction depending on the form of ownership of the educational institution. Therefore, a student can study at both a public and a private university. It is also important to remember that the person who paid for education can claim a tuition tax refund. This person can be the student himself, and his parents, guardian, spouse and others.
Study tax refund: documents
In the modern world, it is quite natural to have such a state of affairs in which many actions of an individual are described by legislative norms and acts. Therefore, the refund of the tax for studies must be made on the basis of the relevant documentation. So, let's figure out what is needed to implement the above procedure. To begin with, a copy of the passport or any other document proving the identity of the individual receiving education at an educational institution is required. You also need a certificate from the university itself (college, institute, and so on) that this person is studying with them. Then you should contact the accounting department at the place of work and take a certificate of income received for the year. In addition, be sure to attach copies of payment documents and, in fact, the contract on the basis of which the calculation is carried out. In the event that you make payments for the education of your spouse or your children, you must provide the required certificates - on marriage and on the birth of children, respectively.
What will we get?
As a result of the collection of all the above documents and submission to the tax service, the necessary recalculation is made and the tuition tax is refunded. However, this does not mean at all that all the funds previously deposited will be returned to you. Only a certain percentage of the tax paid will be returned. How to calculate it? Everything is quite simple. Current legislation proposes to add up the entire amount thatwas spent on education, and multiply the resulting value by a factor of 0.13. The result will be the accruals, which will subsequently be transferred to the account of the person paying for education in a higher or secondary specialized institution. It is also important to remember that a portion of income tax can only be refunded for the last three years. Older tax history is obsolete.
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