Married filing jointly - taxable income = $151,000. Paid dependent's grad school tuition in 2020. 1098-T Box 1 is $26,439 - received scholarships of $16,981 - net tuition paid = $9458. Already used American Opportunity credits for undergrad. Why do we not qualify for tuition and fees deduction?
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You are not eligible for the tuition and fees deduction because you are disqualified by your income.
You are also disqualified for the Lifetime Learning credit.
What are the income limits for Lifetime Learning Credit?
What are the income limits for the Tuition and fees deduction?
Q. Why do we not qualify for tuition and fees deduction (TFD)?
A. It depends on what you mean by "taxable income = $151,000".
In IRS lingo, "taxable income" is after standard or itemized deductions. That means you adjusted Gross income was over the TFD limit of $160,000 MAGI. Modified AGI incudes some addbacks to AGI. I think the student loan interest deduction is one.
Thanks - I was seeing varying income limits from different sources...that's why I asked.
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