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Level 2
posted Mar 6, 2024 1:21:22 PM

Deductions for college

Is it worth it to list all college expenses - tuition, room, board, books, etc - for deductions? Or is there a certain dollar amount where at a point it is not worth calculating expenses.

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1 Replies
Employee Tax Expert
Mar 6, 2024 1:36:09 PM

Yes, you should list the expenses that include tuition and books to receive the full amount of the credit.. 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.