The Tuition and Fees Deduction was extended through the end of 2019. It allows you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents.
When can I take this deduction?
You can deduct qualifying expenses paid for:
Which expenses qualify?
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:
What if I receive grants or scholarships?
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.
Who qualifies?
Qualified expenses you pay for yourself, your spouse or your dependents are eligible for the deduction.
Exceptions:
How much can I deduct?
The deduction is $0, $2,000 or $4,000 depending on your Modified Adjusted Gross Income (MAGI).