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I paid $6023.86 in tuition and another $1100 in expenses in 2017 as a full time student towards a graduate degree. Why am I not allowed a tax deduction?

 
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CathiM
New Member

I paid $6023.86 in tuition and another $1100 in expenses in 2017 as a full time student towards a graduate degree. Why am I not allowed a tax deduction?

The American Opportunity Credit is only good for undergraduate students, but read below to see if you should be getting the Lifetime Learning Credit LLC (see below). The LLC credit can be use to pay any tax you owe but you won’t receive any of the credit back as a refund.

Also, Bipartisan Budget Act of 2018 recently passed reinstated the Tuition and Fees Deduction but TurboTax is waiting on the IRS directions for adding it back to the tax forms.

You can claim LLC if:

  1. You, your dependent or a third party pays qualified education expenses for higher education.
  2. An eligible student must be enrolled at an eligible educational institution.
  3. The eligible student is yourself, your spouse or a dependent you list on your tax return.
  4. You are taking a higher education course or courses to get a degree or other recognized education credential or to get or improve job skills
  5. You are enrolled for at least one academic period beginning in the tax year

  • To claim the full credit, your MAGI?, modified adjusted gross income must be $66,000 or less or $132,000 or less if you are married and filing jointly. Click here to read more about the LLC: lifetime learning credit
  • View solution in original post

    1 Reply
    CathiM
    New Member

    I paid $6023.86 in tuition and another $1100 in expenses in 2017 as a full time student towards a graduate degree. Why am I not allowed a tax deduction?

    The American Opportunity Credit is only good for undergraduate students, but read below to see if you should be getting the Lifetime Learning Credit LLC (see below). The LLC credit can be use to pay any tax you owe but you won’t receive any of the credit back as a refund.

    Also, Bipartisan Budget Act of 2018 recently passed reinstated the Tuition and Fees Deduction but TurboTax is waiting on the IRS directions for adding it back to the tax forms.

    You can claim LLC if:

    1. You, your dependent or a third party pays qualified education expenses for higher education.
    2. An eligible student must be enrolled at an eligible educational institution.
    3. The eligible student is yourself, your spouse or a dependent you list on your tax return.
    4. You are taking a higher education course or courses to get a degree or other recognized education credential or to get or improve job skills
    5. You are enrolled for at least one academic period beginning in the tax year

  • To claim the full credit, your MAGI?, modified adjusted gross income must be $66,000 or less or $132,000 or less if you are married and filing jointly. Click here to read more about the LLC: lifetime learning credit
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