1662737
You'll need to sign in or create an account to connect with an expert.
To deduct your education expenses in TurboTax, type education in to the search bar and click on the Jump to education link to be taken to that section. You can deduct:
Deduction for Higher Education
Understand these facts:
1) Colleges work in academic years, while the IRS works in calendar years. So the reality is, it takes you 5 calendar years to get that 4 year degree.
2) Scholarships, grants, 529 distributions and all other education assistance received is reported as such in the tax year it is received. It does not matter what tax year that money is *for*.
3) Tuition, books, lab fees are claimed as education expenses in the tax year they are paid. It does not matter what tax year is paid *for*.
Now since some credits such as the AOTC are limited to four years, that's why you want to pay in full all qualified expenses for the last semester of the 4th school year, before the end of the first semester of the 4th school year.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
manu2309
New Member
dsw_s
New Member
in Education
yulesong
New Member
in Education
taxes54321
Level 1
Brendaw1971
Level 2