topic Re: School Tuition in Education

School Tuition

ptmahsem — Sun, 09 Feb 2020 19:44:33 GMT

The school loan for my son's tuition is under my name, but don't know if I can expense the full tuition paid for 2019 to University of WI if the loan itself has not been paid in full? Or, can I only deduct the amount of principal paid against the loan? Or any of it?

Re: School Tuition

DavidS127 — Sun, 09 Feb 2020 19:59:11 GMT

You use the full tuition paid, as reported on the Form 1098-T to calculate your education expenses in TurboTax.

Interest expense paid on the student loan is deducted separately, if you are eligible.

Re: School Tuition

ptmahsem — Sun, 09 Feb 2020 20:17:02 GMT

Okay, so let me ask this. I didn't take my Son as a dependent on my Federal, and he took the tuition expense on his Federal, but not his WI state return. Since I can't take it on my Federal can I still take it for the WI State return?

Thank you.

Re: School Tuition

AlanT222 — Sun, 09 Feb 2020 20:29:32 GMT

Since you are not claiming your son a a dependent, you cannot claim the tuition subtraction.

Generally, you may claim the tuition subtraction if all of the following are true:

You pay tuition and fee expenses of higher education at a qualifying school
You pay the tuition and fee expenses for an eligible student
The eligible student is yourself, your spouse, or your dependent for whom you claim an exemption on your income tax return
You meet certain income limitations.

Re: School Tuition

ptmahsem — Sun, 09 Feb 2020 21:05:38 GMT

Thanks, so should we amend my son's state return and include the tuition or can you only take it on either Federal or State? He already filed his state by mail.

Re: School Tuition

ColeenD3 — Sun, 09 Feb 2020 21:13:06 GMT

States most of the time follow the Federal rules. Whoever takes the credit on the Federal return, should take it on the State as well.