We have a Form1098T and household income is less than $180K (married filing jointly), student is a dependent, working towards a bachelors degree.
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The following is a detailed discussion of who qualified and who does not. The main reasons you will not get the credit are:
The Tuition and Fees Deduction is set to expire at the end of 2016. It allows you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents.
You can deduct qualifying expenses paid in the tax year for:
Qualifying expenses include what you pay in tuition and mandatory enrollment fees to attend any accredited public or private institution above the high school level.
You cannot take a deduction for:
You have to subtract any scholarships, educational assistance, or other nontaxable income spent for educational purposes (other than gifts or inheritances). For example, if your employer offers a tuition reimbursement plan as a fringe benefit that pays $1,000 of the cost of a $1,500 course, only the remaining $500 would count for purposes of this deduction.
Exceptions:
The deduction is $0, $2,000 or $4,000 depending on your Modified Adjusted Gross Income (MAGI).
No double-dipping
You can't deduct or take a credit for the same expense twice.
If you deduct these expenses under some other provision of the tax code, such as for employee or business expenses, you cannot also deduct the expenses for the Tuition and Fees Deduction.
Also, you can’t deduct expenses paid with tax-favored money including:
The Tuition and Fees Deduction cannot be combined with the American Opportunity or Lifetime Learning credits for any single student in a single tax year.
For more information
For a general overview, see IRS Publication 970: Tax Benefits for Education. For more information on deducting higher education expenses, see IRS Topic 457: Tuition and Fees Deduction.
The following is a detailed discussion of who qualified and who does not. The main reasons you will not get the credit are:
The Tuition and Fees Deduction is set to expire at the end of 2016. It allows you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents.
You can deduct qualifying expenses paid in the tax year for:
Qualifying expenses include what you pay in tuition and mandatory enrollment fees to attend any accredited public or private institution above the high school level.
You cannot take a deduction for:
You have to subtract any scholarships, educational assistance, or other nontaxable income spent for educational purposes (other than gifts or inheritances). For example, if your employer offers a tuition reimbursement plan as a fringe benefit that pays $1,000 of the cost of a $1,500 course, only the remaining $500 would count for purposes of this deduction.
Exceptions:
The deduction is $0, $2,000 or $4,000 depending on your Modified Adjusted Gross Income (MAGI).
No double-dipping
You can't deduct or take a credit for the same expense twice.
If you deduct these expenses under some other provision of the tax code, such as for employee or business expenses, you cannot also deduct the expenses for the Tuition and Fees Deduction.
Also, you can’t deduct expenses paid with tax-favored money including:
The Tuition and Fees Deduction cannot be combined with the American Opportunity or Lifetime Learning credits for any single student in a single tax year.
For more information
For a general overview, see IRS Publication 970: Tax Benefits for Education. For more information on deducting higher education expenses, see IRS Topic 457: Tuition and Fees Deduction.
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