Tax Credit for Buying Computers for Students

Laptops, Notebooks, and Laptop Computers:

Under the new American Recovery and Reinvestment Act of 2009, taxpayers who buy Laptop Computers for their children in 2009 and 2010 can claim those Laptops, Notebooks, and netbooks as qualified higher education expenses.

The Act defines computer-related qualified expenses as any expense incurred for buying any computer technology and equipment, as well as Internet access and related services as long as the equipment and technology is used by the student and the student’s family during any of the years the student is enrolled at an eligible educational institution.

All of you who have college-aged kids know that tuition cost have skyrocketed – so this additional perk is a welcome benefit. Now this tax break is only in effect through 2010, so those who have children in college or kids ready to start school in September need to start shopping for new Laptops.

Yes, but you can only claim the tax credit for funds taken out of a 529.