Why does having to pay back part of the training money make a big difference if he breaks the contract ?
That is a standard practice when they send you to their training college. Makes sense to me.
I talked to a guy who had to sign the same contract and he loves the job.
TPM I did offer some advice. It is you who turned this into a bashing event. Why don't you ignore or just roll your eyes back in your sockets were they belong.
BHD,
Congratulations to your son on his engagement, and to someone who completed college, medical school and her internship, no less.
There is little doubt, from the way you describe your son and his life from the time he arrived at Charleston Southern to today, things have just been the best for him, just the best. The way you describe his life and all his off the field success seems amazing because I know so many of our sons just don't have such magic. Like mine, many or our sons on this site don't have things so magical as your describe for your son and his teammates.
Your son and those CSU teammates who struggled in baseball during their college years are certainly in a unique situation having escaped the economic downturn that is so pervasive and such a huge problem in the job market for most US college graduates.
Needless to say next May in Mrytle Beach will be a wonderful celebration.
With that said, this part of your advise and experience caught my attention:
According to the CSU website, tuition is currently $20,000 per year so probably less in the past 4 years. As you regularly post, your son got a substantial baseball scholarship and more academic money on top of that.
Could you explain for those who could use your insight how your family/wife is able to have, after 3 years of deductions, a current tuition deduction of nearly $120,000 to write off, on a carry forward basis?
The max tuition I could figure for your son would be $80,000 for his 4 years.
I assume those very large scholarships paid 50%, but probably more.
Assuming there is $40,000 tuition that was paid, after the scholarships(I assume that is high with the amount of money you have noted your son received), how is your family able to obtain over $120,000 in tuition deductions for his 4 years at CSU?
Knowing how you are doing that would surely help Jeff, and all those posting, better under the "Good Offer" with much more optimism.
Your post suggests your family/wife is receiving tax deductions that are far more than 3 times the amount of tuition actually paid, after scholarships. Help us understand how that amount of leverage exists for tuition paid to CSU?
How can that be done?
Congratulations to your son on his engagement, and to someone who completed college, medical school and her internship, no less.
There is little doubt, from the way you describe your son and his life from the time he arrived at Charleston Southern to today, things have just been the best for him, just the best. The way you describe his life and all his off the field success seems amazing because I know so many of our sons just don't have such magic. Like mine, many or our sons on this site don't have things so magical as your describe for your son and his teammates.
Your son and those CSU teammates who struggled in baseball during their college years are certainly in a unique situation having escaped the economic downturn that is so pervasive and such a huge problem in the job market for most US college graduates.
Needless to say next May in Mrytle Beach will be a wonderful celebration.
With that said, this part of your advise and experience caught my attention:
quote:We took out a student loan because it made economic sense. The money allowed him to live a great life style. Big screen TV, nicely furnished apt and money to enjoy himself.
Where it made great economic sense was in our tax laws. He paid no tax on scholarships. The tuition is deductible as is the interest on his tax or a designated spouse\parent. My wife applies the unused tuition against her income which gets a large refund of her withheld taxes which pays off the student loan. In fact it is enough money refunded to pay 2 years of payments. So in efect there is no burden of a student loan.
I am not sure if you can do that but I would think you can.
After 3 years of writing off the unused tuition there is still a balance of approx $120,000 to be used which could last 10 years.
Look into this !
According to the CSU website, tuition is currently $20,000 per year so probably less in the past 4 years. As you regularly post, your son got a substantial baseball scholarship and more academic money on top of that.
Could you explain for those who could use your insight how your family/wife is able to have, after 3 years of deductions, a current tuition deduction of nearly $120,000 to write off, on a carry forward basis?
The max tuition I could figure for your son would be $80,000 for his 4 years.
I assume those very large scholarships paid 50%, but probably more.
Assuming there is $40,000 tuition that was paid, after the scholarships(I assume that is high with the amount of money you have noted your son received), how is your family able to obtain over $120,000 in tuition deductions for his 4 years at CSU?
Knowing how you are doing that would surely help Jeff, and all those posting, better under the "Good Offer" with much more optimism.
Your post suggests your family/wife is receiving tax deductions that are far more than 3 times the amount of tuition actually paid, after scholarships. Help us understand how that amount of leverage exists for tuition paid to CSU?
How can that be done?
Thank you.
Yes the scholarships donot reduce the tuition at all for tax purposes. Our tax deductions also include all books and cost related to attendance.
The scholarships are entered in full and so are the cost of tuition and attendance. They are entered separately.
The years I have submitted have been scrutinized by the revenue agency. Also bare in mind that the exchange rate is calculated by them as well which at one time was as high as 23%.
Several years ago this was not the case. Here they do not consider scholarships as income anymore.
Yes the scholarships donot reduce the tuition at all for tax purposes. Our tax deductions also include all books and cost related to attendance.
The scholarships are entered in full and so are the cost of tuition and attendance. They are entered separately.
The years I have submitted have been scrutinized by the revenue agency. Also bare in mind that the exchange rate is calculated by them as well which at one time was as high as 23%.
Several years ago this was not the case. Here they do not consider scholarships as income anymore.
Thanks,
Just to be clear, I got the part of the scholarship not being taxable income which is really great.
Are you also able to deduct the total tuition, even though much of it is paid with scholarships?
On top of that, you also deduct books, travel?
What about room/board for the apartment, etc that you described?
So, if I understand, the total cost of your son going to CSU, before scholarships was in the range of $130,00 to $150,000?
You/he does not pay tax on the scholarships?
And you are able to deduct the entire $130,000 to $150,000 even though, with the non-taxable scholarships, you paid far, far less than that?
I thought about the exchange rate issue but discounted it because your dollar is so strong vs the US $..who's isn't?
Just to be clear, I got the part of the scholarship not being taxable income which is really great.
Are you also able to deduct the total tuition, even though much of it is paid with scholarships?
On top of that, you also deduct books, travel?
What about room/board for the apartment, etc that you described?
So, if I understand, the total cost of your son going to CSU, before scholarships was in the range of $130,00 to $150,000?
You/he does not pay tax on the scholarships?
And you are able to deduct the entire $130,000 to $150,000 even though, with the non-taxable scholarships, you paid far, far less than that?
I thought about the exchange rate issue but discounted it because your dollar is so strong vs the US $..who's isn't?
quote:Originally posted by SultanofSwat:quote:Originally posted by BobbleheadDoll:
For eg one of my son's teammates who graduated in accounting started with a six figure salary.
I don't know you, but this is not true. You may want to ask the teammate again. Only Managers with 4-8 years of experience in a Big 4 CPA firm and with 5 year degrees make that much.
I suppose there is always an exception, but according to Deloitte, Touche, Tohmatsu - one of the big four - starting salaries for out-of-college, no experience, ranges from 56K for very good students with four year degrees, to 72K for excellent students with MBA's. First big pay bump comes after year 4 and if it is accompanied by a promotion to mananger, it is usually to 115K. If it is not accompanied by a promotion, it goes to 86 to 90K.
were we not talking good offers for college?
Yes the total cost of attendance.
The computerized tax returns have a spot for each item. He also had a little over $4000. in US earnings from his part time job which we had to declare. He also filled out Fed and State returns in the US which his roommates CA mother did for him.
Our basic deduction is just over $9000 so he paid no tax on his US earnings.
I am not sure if you can do this but it is worth looking into. Parents should consult a CA to see what help they can get. My US experience was years ago and involved NHL hockey players playing in the US.
The computerized tax returns have a spot for each item. He also had a little over $4000. in US earnings from his part time job which we had to declare. He also filled out Fed and State returns in the US which his roommates CA mother did for him.
Our basic deduction is just over $9000 so he paid no tax on his US earnings.
I am not sure if you can do this but it is worth looking into. Parents should consult a CA to see what help they can get. My US experience was years ago and involved NHL hockey players playing in the US.
So lets assume a US player gets $40,000 to write off. If he can transfer a portion each year to a parent is that not worth knowing. Maybe Jimmy03 can look that up.
I am confused what BHD did, how was this helpful to this topic?
One can deduct the total cost of tuition even if you got a sizeable scholarship? And all expenses too? I am also totally confused as to what he actually did, no winder it was scrutinized. I always thought that canadians came here to become citizens and business owners because their tax laws were ridiculous?
I am with TR, totally off topic here.
One can deduct the total cost of tuition even if you got a sizeable scholarship? And all expenses too? I am also totally confused as to what he actually did, no winder it was scrutinized. I always thought that canadians came here to become citizens and business owners because their tax laws were ridiculous?
I am with TR, totally off topic here.
Eligible tuition fees
Generally, a course qualifies if it was taken at the post-secondary level or (for individuals aged 16 or over at the end of the year) it develops or improves skills in an occupation at an educational institution that has been certified by Human Resources and Skills Development Canada (HRSDC). In addition you must have taken the course in 2009.
Not all fees can be claimed. To qualify, the fees you paid to attend a Canadian educational institution must be more than $100.
In addition, you cannot claim the following other expenses:
• students' association fees, social or athletic activity fees;
• medical care;
• transportation and parking;
• meals and lodging;
• goods of a lasting value that you will keep, such as a computer, microscope, uniform, or an academic gown;
• initiation or entrance fees to a professional organization; or
• cost of books, CDs, DVDs, cassettes, or video tapes (other than books that are included in the total fees for a correspondence course).
If your fees were paid or reimbursed to you by your employer, or an employer of one of your parents, you can claim them only if the payment or reimbursement was included in your income or your parent's income.
The maximum amount that can be transferred is $5,000 less the amount used.
Please see Form 11 calculation.
Line 323 - Tuition, education, and textbook amounts
Generally, a course qualifies if it was taken at the post-secondary level or (for individuals aged 16 or over at the end of the year) it develops or improves skills in an occupation at an educational institution that has been certified by Human Resources and Skills Development Canada (HRSDC). In addition you must have taken the course in 2009.
Not all fees can be claimed. To qualify, the fees you paid to attend a Canadian educational institution must be more than $100.
In addition, you cannot claim the following other expenses:
• students' association fees, social or athletic activity fees;
• medical care;
• transportation and parking;
• meals and lodging;
• goods of a lasting value that you will keep, such as a computer, microscope, uniform, or an academic gown;
• initiation or entrance fees to a professional organization; or
• cost of books, CDs, DVDs, cassettes, or video tapes (other than books that are included in the total fees for a correspondence course).
If your fees were paid or reimbursed to you by your employer, or an employer of one of your parents, you can claim them only if the payment or reimbursement was included in your income or your parent's income.
The maximum amount that can be transferred is $5,000 less the amount used.
Please see Form 11 calculation.
Line 323 - Tuition, education, and textbook amounts
We are going through this process now as my daughter tries to find the right fit academically but at a school with a very competative program in softball. Examples of what we have run across:
D-I school offer is essentially, 35% athletic and then up to 50% academically IF she retakes ACT and gets one point higher. So, total of 85% paid. Yet, fee for 2 semesters is roughly $42,000. This school has only 9 athletic scholarships for softball and so, they spread those thin.
D-II school is one of top in the nation in softball. Acacemically also at the top in region. Athletic offer is roughly 40% and academic offer is 40%. 80% total out of a $30,000 per two semesters.
Which is the better deal?
Oh, the D-I team carries 20 players and the D-II school carries 14. For daughter, another D-I school just entered the picture. 50% athletic. Academic is not determined but should be minimum of 25%. 75% qualify for in state and presently 7 seniors will graduate.
My point - "GOOD OFFER" has so many variables. It isn't money alone. The reputation of the school matters. The ability for a player to walk in and play matters. ...
What I know not to count on is the coach and coaching staff. Already in this process daughter has has two offers from coaching staffs no longer at those schools. Also keep in mind that these offers are not set in stone until you have it in writing and your name is on the line on the signing date. Some "good offers" are like fool's gold.
D-I school offer is essentially, 35% athletic and then up to 50% academically IF she retakes ACT and gets one point higher. So, total of 85% paid. Yet, fee for 2 semesters is roughly $42,000. This school has only 9 athletic scholarships for softball and so, they spread those thin.
D-II school is one of top in the nation in softball. Acacemically also at the top in region. Athletic offer is roughly 40% and academic offer is 40%. 80% total out of a $30,000 per two semesters.
Which is the better deal?
Oh, the D-I team carries 20 players and the D-II school carries 14. For daughter, another D-I school just entered the picture. 50% athletic. Academic is not determined but should be minimum of 25%. 75% qualify for in state and presently 7 seniors will graduate.
My point - "GOOD OFFER" has so many variables. It isn't money alone. The reputation of the school matters. The ability for a player to walk in and play matters. ...
What I know not to count on is the coach and coaching staff. Already in this process daughter has has two offers from coaching staffs no longer at those schools. Also keep in mind that these offers are not set in stone until you have it in writing and your name is on the line on the signing date. Some "good offers" are like fool's gold.
quote:Originally posted by BobbleheadDoll:
So lets assume a US player gets $40,000 to write off. If he can transfer a portion each year to a parent is that not worth knowing. Maybe Jimmy03 can look that up.
http://taxes.about.com/od/dedu...t/tuitionfeesded.htm
Back to topic, our son went to the first and only college that offered a scholarship and more importantly to him, the chance to continue to play baseball. He still believes MLB will come calling so he doesn't have to go to school for 2 more years.
In our son's case, the offer was a great one.
In our son's case, the offer was a great one.
Fobserver The max here is just over 11,000.
Your info is out of date and you are not considering Federal and Provincial. Each have their own amounts that vary from year to year.
Your info is out of date and you are not considering Federal and Provincial. Each have their own amounts that vary from year to year.
quote:Originally posted by BobbleheadDoll:
Fobserver The max here is just over 11,000.
Your info is out of date and you are not considering Federal and Provincial. Each have their own amounts that vary from year to year.
Nice try.
You stated you deducted the total cost of attendance, infielddad even asked, specifically. You can't.
BTW, if you took out a student loan, had it work so that you could make money off of the deal, even so that he could live well and for years made it seem like your son's college offer was so abundant (and increased later on), why did he have to work? Why not just let him use that BIG refund?
I don't get it.
TPM I filled in the form which had spots for text books etc. Non of it was challenged and if it was it would not matter one bit. The fed and Pov allow over 11000 total in deductions. I estimated the books at 50% of approx 4000. because we sold them back.
I am not sure why you are so intent on my tax situation. My point was to have people check with an accountant because they could get some relief to help pay for the college expenses.
I was an accountant for a few years and what accountants taught me to do. Do we push the limits ?
In the end I have done everything correctly and no objections were made.
I have been audited 3 times in my life, the last time in 05. I have won every challenge.
I am not sure why you are so intent on my tax situation. My point was to have people check with an accountant because they could get some relief to help pay for the college expenses.
I was an accountant for a few years and what accountants taught me to do. Do we push the limits ?
In the end I have done everything correctly and no objections were made.
I have been audited 3 times in my life, the last time in 05. I have won every challenge.
TPM the amount left is 54,000 fed and slightly less than 55,000 Provincial. The total available Fed is 5000 and 6100 Provincial each year. So the total is approx 109,000. All legal and all legite. Yes text books were allowed. Also any mandatory expenses like labs, etc. He can also claim a moving expense plus his computer as it is mandatory. I have challenged the computer issues before and won everytime. The regulations are out of date .
Why are we discussing Canadian tax laws? If anyone is concerned about the tax implications of a scholarship offer they should check with a tax professional in their area.
BTW, for me the definition of a good offer is one that my son gets.
BTW, for me the definition of a good offer is one that my son gets.
quote:Originally posted by BobbleheadDoll:
TPM the amount left is 54,000 fed and slightly less than 55,000 Provincial. The total available Fed is 5000 and 6100 Provincial each year. So the total is approx 109,000. All legal and all legite. Yes text books were allowed. Also any mandatory expenses like labs, etc. He can also claim a moving expense plus his computer as it is mandatory. I have challenged the computer issues before and won everytime. The regulations are out of date .
As you can imagine, the Canadian tax laws are different tham US tax laws.... Some may not realize where you are coming from.