Currently, a huge number of people receive higher and secondary specialized education on a paid basis. Nevertheless, many do not know that it is possible to refund income tax for studies.
Features and requirements
This can be done under the following conditions:
1. The education you or your children receive must be the first.
2. Compulsory education within the home state. Thus, if you attended classes abroad, you do not have to rely on a tax refund for studies.
At the same time, the form of training does not in any way affect the payment. In addition, there is no distinction depending on the form of ownership of the 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 the education may apply for a tax refund for studies. Such a person can be the student himself, and his parents, trustee, spouse and others.
Study Tax Refund: Documents
In the modern world, this state of affairs is quite natural in which many of the actions of an individual are described by legislative norms and acts. Therefore, the tax refund for studies must be made on the basis of the relevant documentation. So, we will figure out what is needed to implement the above procedure. First, you need a copy of your passport or any other document proving the identity of an individual who is studying at an educational institution. A certificate is also needed from the university itself (college, institute, etc.) 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, copies of documents on payment and, in fact, the contract on the basis of which the calculation is carried out must be attached. In the event that you make payments for the education of your spouse or your children, you must provide the required certificates - about marriage and the birth of children, respectively.
What do we get?
As a result of the collection of all of the above documents and submission to the tax service , the necessary recalculation is carried out and tax is refunded for studies. Nevertheless, this does not mean at all that you will be given back all funds previously paid. Only a certain percentage of the tax paid will be returned. How to calculate it? Everything is quite simple. Current legislation proposes to add the entire amount that was spent on training, and multiply the resulting value by a factor of 0.13. The result will be the charges that will subsequently be transferred to the account of the person who pays for tuition at a higher or secondary specialized institution. It is also important to remember that part of the income tax can be returned only for the last three years. An earlier tax history is deprecated.