I'm pursuing my MBA while I work. My company does not reimburse me. Can I deduct the tuition? — A.A., Atlanta
If you're hoping to write off your education as an unreimbursed business expense, tread very carefully. It's been allowed, but it's risky. A safer bet is to take advantage of an education tax break: the tuition and fees deduction ($4,000 max) or the $2,000 lifetime learning credit. (The $2,500 American opportunity credit can't be used for a graduate degree.) Income limitations apply. A credit is generally more valuable than a deduction since it directly reduces your taxes; a deduction lowers the income that's taxed.
How do I find out my cost basis for stocks that have had dividends, reverse splits, acquisitions, mergers, and so on? — Ronald Lippman, Buford, Ga.
Calculating your cost basis — the number that determines your taxable gain or loss — can be thorny. At its simplest, it's what you paid for the stock, plus your commissions and fees, but you need to adjust for all kinds of things that have happened MORE
Feb 1, 2012 12:00 PM ET
I have more than enough bills to take a medical deduction. What proof is required? —David S., Rathdrum, Idaho
Record keeping is the easy part: File away every insurance bill, canceled check, credit card statement, and the like. The tough part is hitting the high bar to qualify — you can deduct only those medical expenses that exceed 7.5% of your adjusted gross income. As part of the health reform law, that MORE
Jan 31, 2012 5:05 AM ET
My husband and I have been the legal guardians of our grandson since he was a young boy. He is currently in the 11th grade and making plans for college. When he graduates from high school we will no longer be his guardians, legally. His father is unemployed, and his mother works in a minimum wage job. He will not reside with either of his parents. Will he have to MORE
Jan 30, 2012 5:05 AM ET
When I was traveling through an airport, I stopped at a kiosk that was offering an American Express Membership Rewards credit card. I signed up and received the card a few weeks later. Upon reviewing the detailed information that came with the card, I decided not to activate it. Now, a year later, I have received an invoice for the annual membership fee of $175. Do I have a legal MORE
Jan 27, 2012 5:05 AM ET
I am 26 years old and a recent college graduate. I have good credit, and I work full time. I am thinking about adding a credit card that gives cash back for using it. I currently have two open in good standing — one that I have had since I was 18, the other since I was 19. I am able to pay each one completely each month, but only MORE
Jan 26, 2012 5:05 AM ET
We tried to sell our home two years ago, and although the house was on the market for more than a year, we didn't get any offers. The real estate agent asked us repeatedly to lower our asking price, but we were asking only the amount that we still owed on the home — we couldn't afford to "pay" to sell our house. We need to move in the spring, MORE
Jan 25, 2012 5:05 AM ET
I make approximately $45,000 to $50,000 with one full-time and one occasional part-time job. As a single father with no outside financial help, I pay about $7,600 to $8,000 a year in childcare costs so I can work. I can contribute to a childcare pretax account offered through my company, or I can pay for childcare after taxes and the IRS will give me 24% of $6,000 of my childcare MORE
Jan 24, 2012 5:05 AM ET
I kept contributing to my Roth IRA for the past four years even though my wife and I are over the income top limit. Who keeps track of what is taxable and what is not when I retire and take the money out? — Name Withheld
Not surprisingly, the Internal Revenue Service keeps a very close eye on excess Roth IRA contributions, and not just when you take the money MORE
Jan 23, 2012 5:05 AM ET
In March 2010, we bought a home for $250,000 and financed it with two mortgages: a $200,000 loan at 4.75% and a $37,500 one at 6.25%. We owe $195,000 and $33,000, respectively, on the loans. The home is valued at what we paid, so we do not have 20% equity yet. Does it make sense to refinance at one lower rate, even though we'd have to pay PMI?
—Barbara L., MORE
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