Q. Is there any tax break if I paid my Graduate study fees from my own income?
A. Yes, unless you are claimed as a dependent by somebody else. In that case, they claim the credit, even though you were the one who paid the tuition and fees.
The only credit available to grad students* is the Lifetime Learning Credit (LLC). It is a non refundable credit. That is, it can only be used to offset an actual tax liability (no refund).
*The more generous and partially refundable American Opportunity credit (AOC) is available for graduate education in the same year that you completed your bachelors degree.
