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My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

 
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5 Replies

My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

There is apparently no tuition deduction available for tax year 2018 unless congress enacts it later.

My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

The tuition and fees deduction is not shown on the form 1040 Schedule 1 although it is still in draft form.

My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

Does the "Tuition and Fees Deduction" exist for 2018?  I think it is expired, unless Congress retroactively renews it again.

My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

Oops, I missed your first comment.  You already said that.   🙂
Anonymous
Not applicable

My wife and I both are in grad school. Tuition for each of us was ~$8,000 in 2018. Can we take LLC on $10k and Tuition Deduction on remaining $6k?

you can't take the tuition and fees deduction if you claim the lifetime learning credit for the same student in the same tax year. so one of you can take LLC based on your tuition for and one can take T&F deduction based on their tuition or you or you can use the maximum of $10,000 of tuition for the LLC. the other $6,000 could not be used. 


there are income limits for both.  

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