topic How do i get the tuition deduction? in Education

How do i get the tuition deduction?

chrisbaker7788 — Wed, 27 Jan 2021 02:32:38 GMT

im 26 filing single

Re: How do i get the tuition deduction?

JoannaB2 — Wed, 27 Jan 2021 03:07:49 GMT

Yes, you could claim tuition deduction as adjustment to your income, if you don't qualify for American Opportunity Credit or Lifetime Learning Credit. To get the credit:

Your income has to be below $80,000 (single taxpayers).
You can't be a dependent from your parent's or someone else's return.
You must have qualified expenses such as books and other course-related fees.

See link, what is a tuition deduction, for additional information.

Re: How do i get the tuition deduction?

Hal_Al — Wed, 27 Jan 2021 16:39:57 GMT

Do you really mean tuition deduction?

There are basically three tax breaks for education. The one deduction, The "Tuition and Fees Deduction" (TFD) is the least favorable of the breaks. There are two tax credits, Lifetime Learning Credit (LLC) and American Opportunity tax credit (AOTC). The AOTC is the best and includes an (up to) $1000 refundable feature.

If you are eligible, you have answered something wrong, in the interview. But, a lot of people are just not eligible.

To be eligible for AOTC, the student must:

Be pursuing a degree or other recognized education credential
Be enrolled at least half time for at least one academic period^* beginning in the tax year
Not have finished the first four years of higher education at the beginning of the tax year (Grad students not eligible)
Not have claimed (or claimed by parents) the AOTC or the former Hope credit for more than four tax years
Not have a felony drug conviction at the end of the tax year

See https://www.irs.gov/Individuals/AOTC