college expenses

Forum|Forum|4 years ago
January 26, 2022
3 replies
46 views

My daughter started college in the fall of 2021. I know I will receive a tax document for tuition, but can I also deduct room and board and books on my taxes?

ColeenD3

Level 15

Generally, no. Room and board usually isn't considered a qualified education expense for the purpose of education credits.

The one exception is if room and board was paid for with a Coverdell ESA or 529 plan distribution. In that case, the cost can be deducted from the taxable part of the plan's distribution.

heathervAuthor

Level 2

I have two additional questions. I purchased a turbo tax package from Costco. Can this be used with my existing online Turbo Tax account?

Second, our family spent $10,000 for medical expenses last year. Is it worth it to claim that over the standard deduction for a family of 6 married filing jointly?

heathervAuthor

Level 2

My daughter received $1750 in scholarship money that was applied to her fall tuition. Do I have to deduct that from the amount I can claim on my taxes?