Q. Will I be reimbursed at the end of the year?
A. Simple answer: No. Actually answer: maybe, sort of.
The tax system does not directly reimburse you for educational expenses. But, certain education expenses (tuition is the most obvious) qualify for an education credit or deduction
Computers MAY be a qualified expense. A computer, required for class work, is a qualified expense for claiming the American Opportunity Tax credit (AOTC) . To qualify for the alternative Lifetime Learning Credit (LLC), the computer must be purchased from the school. The AOTC is not available to grad students.
A computer is not a qualified expense for the alternative Tuition and Fees deduction (TFD).
The AOTC is a maximum of $2500, $1000 of which is refundable. It only takes $2000 of expenses to get the first $2000 of the credit (so, it is, effectively, for many people, a dollar for dollar reimbursement). It only takes $4000 of total expenses to get the maximum $2500 credit. So, if you already have $4000 of expenses (tuition, fees and books), claiming the computer will not get you any more credit. Or if you already have $2000 of other expenses, the computer will only get you 25% back and only up to $500. Are you eligible for the AOTC? Most half time or more undergrads are. For full rules, See https://www.irs.gov/credits-deductions/individuals/aotc
Student-dependents are not eligible, but their parents are.
The LLC is 20% of expenses and a max of $2000, based on $10K of expenses.
