Tax School

In NY state we pay school and separate property tax. I know that I can input the second one but I could not find information on www about school taxes. What do people normally do?

Yes. Both School Real Estate Taxes and the Property Taxes are deductible for taxpayers who itemize. Good show!

2006-02-15 19:15:18 by megy_ruse

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I only earned $1000 last year but paid about $2500 in college tuition thru alternative loans. I received a tax form from school saying it's deductible. Since I only earned $1000 and wouldn't owe, I wasn't going to file but was wondering if I'd be able to get back the school money. I didn't think so but then heard friends who have kids but only earn like $20000 getting $7000 back. I'm not sure if I can get back money when I haven't earned much. If you know, please tell me b/c the same situation happened last year and I didn't file. So if I can get some $, I'd love it but I doubt it. Seems to be too good to be true.

No, tuition credits are not refundable, you would only get back what you had withheld from your earnings.

2007-04-06 22:08:50 by hannah b

In box #18 on the w2 there are two incomes listed. Both taxes are shown in box # 19 on the w-2 and listed seperately. In box #20 - Locality name - one tax is assigned the locality abreviation and the other a school district number. Should they be listed seperatley on the 1040?

Yes, they can both be listed on your Schedule A. In general, all state and local taxes can be used, except that you must choose between state income tax and sales tax.

2008-03-28 12:54:37 by Cindy H

Price: $17.95

If I take into account how much school tax I pay, and multiply that by every home and business in my city, the amount of money collected each year is staggering.

Where is all that money going? Certainly not back to the 2 - 3 schools in my community. There's enough money there to pay for college tuition for every kid in the country.

So where is all the money going?
Alright, how much does it take to run a school?

Check your school district's budget. You'll be surprised how expensive it is to provide a passable public (or private!) education. The budget is public information and is available upon request by any member of the public.

FYI, the tax that you pay has little bearing on what the next property owner pays. Some will be much higher and some will be much lower than yours. Property taxes are based upon assessed value for residential property. For commercial property it may be assessed value or income potential. For agricultural land it's usually based upon potential crop values which is generally much lower than what the assessed value of the land would generate.

I'd also venture to say that you have no idea what the cost of a college education runs these days. There are roughly 15.9 million college students in the US. The average cost of a year of college is $9,953. That crunches out to $158,252,700,000 per year for college. To put that in perspective, NYC takes in about 1/10 of that per year in property taxes so even if the entire NYC property tax revenues were confiscated it would only provide tuition for about 1.5 million college students. I highly doubt that your poxy little burgh takes in anywhere near what NYC does.

2009-08-04 06:12:54 by nick

Is it really right that an elderly married couple with children all in their 50's have to pay school tax?

What about a couple who are in their late 20's who can't have children? Should they have to pay a school tax?
alpete- Actually, I was inhome school which my parents pay for.
Fred C- The OLD couple are NOT in their 50's. They are the parents of children in their 50's.
ConcernedCitizen- Where I live, they actually do break down what your property taxes goes to. The school tax is about 50% of the property tax that we pay each year.
mamag- I am also from Texas so I know exactly what you mean by the Texas Lotto being a joke. 27% of the profits from the Texas Lotto are suppose to go to the schools. We all know that they are making a lot of $$$. The question is, where is it going?

We as homeowners are penalized with school taxes,with or without children. You can have a dozen children and rent instead of own and pay no school taxes.

The laws really need to be changed where if you have school age kids you should be the ones paying,in fact they would receive more revenue.

I pay school taxes every year and my son is 30 years old.

The Texas Lotto was also for the school districts and they say they have several billion for the schools, but still no break for the homeowners WITH NO SCHOOL AGE KIDS.

WHAT A CROCK!!!!!!!!!

2007-10-05 12:34:22 by kittysoma27