Cost of Text Books

[MinnPsych]

---

Members don't see this ad.

hey all,

This is my first post! I'm starting my first year this fall and I'm trying to figure out a budget. My question is, "How much did you spend on books your first year, or in general?".

 

[AcronymAllergy]

hey all,

This is my first post! I'm starting my first year this fall and I'm trying to figure out a budget. My question is, "How much did you spend on books your first year, or in general?".

Just to be safe, depending on how many classes you're taking, I'd probably set aside $300-400. You may end up spending less, but that definitely beats not having saved enough.

 

[PsychBoxe]

I spent about $1,400 on books for both the fall and spring semesters combined. For the record, these were all required books. I am not implying every doctoral program have the same figure, but it is good to have more than enough stashed away.

 

[paramour]

*Hint Hint* Depending upon the course, check your local library and/or interlibrary loan the suckers. 👍

As grad students, we're allowed to check out books for a considerably longer period of time than the undergrads and we're allowed to renew them . . . repeatedly. (I had some books checked out for 3 years! 😳)

For courses that you don't think you will ever refer to or have any interest in going back to the textbook again, it's a great save of money. Unfortunately, most of us didn't figure this one out until we were a few years in or we decided that we really needed those textbooks for our earlier years anyway . . . Or, if you're obsessed with books like me, you simply like buying books b/c it's an addiction. They're like crack.

I didn't buy any of my books this semester though. Interlibrary loaned all of the suckers. Others in the class I know borrowed them from other students who had taken the class previously or borrowed them from other students also in the class whenever they needed to read something absolutely necessary.

 

[psydtobe]

great question! i have been wondering about this myself and hope to ask a current student. i'd even be willing to pay a rental fee to a more advanced student versus outright buying ones that arent' essential!

 

[MinnPsych]

Thanks for all the input!

@paramour I'll definitely check out our inter-library loan program, that sounds like a goldmine. Though I must admit I'm one of those who has an obsession with book ownership. I may need to look up that one sentence in that one book, ten years later . One of the reasons I'm loathe to jump on the e-book bandwagon.

 

[psydtobe]

well i'm wondering would books while in gradschool be considered a tax deduction? i know i count any book related to psych a workrelated expense at this time. does it fall under education deductions?

 

[psychapps]

well i'm wondering would books while in gradschool be considered a tax deduction? i know i count any book related to psych a workrelated expense at this time. does it fall under education deductions?

From what I understand, you can deduct books for grad school, as long as they are required by your courses. Someone else can correct me on this, but I believe you cannot deduct books that are listed as "optional" for the course.


Here's the snippet from the IRB Pub on this topic:

"Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance."

http://www.irs.gov/publications/p970/ch06.html

 

[WJPSYCH]

From what I understand, you can deduct books for grad school, as long as they are required by your courses. Someone else can correct me on this, but I believe you cannot deduct books that are listed as "optional" for the course.


Here's the snippet from the IRB Pub on this topic:

"Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance."

http://www.irs.gov/publications/p970/ch06.html

You know how I know you're a researcher? You typed "IRB Pub" when you meant "IRS Pub".

 

[PsychApps2009]

From what I understand, you can deduct books for grad school, as long as they are required by your courses. Someone else can correct me on this, but I believe you cannot deduct books that are listed as "optional" for the course.


Here's the snippet from the IRB Pub on this topic:

"Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance."

http://www.irs.gov/publications/p970/ch06.html

I was not able to this year in doing my taxes. It said I was ineligible (seems the deduction is only for undergraduates). Note - I used turbo tax... this is the explanation it gave me below... I am not a tax expert, so I just believe them 🙂 (can be wrong, so always double check). I was however able to claim tuition and enrollment fees not already included in my 1098-T (not that I really had any...). And it seems sometimes you can claim books under that category instead.

PS - for the OP, I spent maybe $300 on books this year if that (largest part of that was probably in the fall semester). I got most books from second or third years in my program, and one or two from the library. My cohort is fairly small (four) - so for the books where they just assigned us chapters, as long as one of us would get it we would just photocopy it for the rest.

For explanations from turbo tax see below:

"Books and Course-Related Materials

Enter the total amount you paid for books and course-related materials (supplies, equipment, etc.) needed for the student's course of study.

Computers may be deducted if they are needed as a condition of enrollment or attendance at the school.

Do not enter things like room and board; fees for courses involving sports, games or hobbies not part of a degree program; or insurance.

Who can deduct these expenses?
Undergraduate students who are at least half-time students and enrolled in a degree can deduct books and course-related materials.

Also, in rare situations, books, supplies and equipment can be deducted if: 1) they were required to be purchased directly from your school; AND 2) they were required as a condition of enrollment or attendance. If this situation applies, do not enter these expenses as "Books and Course-Related Materials." Instead, enter them as a "Tuition and Enrollment Fee."

When should my payments have been made?
Payments for books and course-related materials need to be made in 2010 for an academic period that begins either in 2010 or in the first 3 months of 2011.

Include payments made using cash, checks, credit cards, loans, gifts, inheritances, savings account withdrawals, scholarships, etc.

Want more info?
See IRS Publication 970, Tax Benefits for Education, for more information."


"Tuition and Enrollment Fees

These are expenses paid so a student can go to school.

This includes:
- Tuition
- Enrollment
- Attendance fees

This does not include things like:
- Room and board
- Fees for courses involving sports, games or hobbies not part of a degree program
- Insurance

The payments must be made in 2010 for an academic period that begins either in 2010 or in the first three months of 2011. Include expenses you or the student paid using cash, checks, credit cards, loans, gifts, inheritances, savings account withdrawals, scholarships etc.

Include expenses you or the student paid using cash, checks, credit cards, loans, gifts, inheritances, savings account withdrawals, scholarships, etc.
See IRS Publication 970, Tax Benefits for Education, for more information."

 

[paramour]

From what I understand, you can deduct books for grad school, as long as they are required by your courses. Someone else can correct me on this, but I believe you cannot deduct books that are listed as "optional" for the course.


Here's the snippet from the IRB Pub on this topic:

"Related expenses. Student-activity fees and expenses for course-related books, supplies, and equipment are included in qualified education expenses only if the fees and expenses must be paid to the institution as a condition of enrollment or attendance."

http://www.irs.gov/publications/p970/ch06.html

I don't think books actually qualify. According to the statement in bold print, one would be required to pay the university for books in order to enroll in the class. As you typically have an option to pay for your books anywhere you damned well please, then they would not be deductible. There are some courses, however, in which there are "class fees" associated with them for books, test kits, etc., and students are charged these fees at the time of registration for the class. For example, in our assessment classes, we are charged "extra" fees in addition to the typical registration fee. These "supply fees" would be deductible because we are required to pay them to the university as a condition of our enrollment. They are not optional. Any textbooks that are required for the class that are not charged as part of registration, on the other hand, but that we buy on our own, we may buy at the university, at another local bookstore, at an online bookstore, etc., are optional and not paid to the institution so would not qualify. After all, how many of us know students who never actually bought their textbooks? In which case, books would not be "a condition of enrollment or attendance" for the course, as much as the instructor would prefer it to be.

 

[JockNerd]

Whoa. I've never spent more than $100 an entire year on textbooks. Most of my courses used primary course reading material, or I found the textbooks used online (it's pretty easy to find near-mint textbooks, even for grad-level courses). For courses I didn't care to keep the book for, I borrowed it from someone else for the semester.