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I have a tuition deduction of $3,000. What does that mean? I wontpay taxeson $3000 of earning? What if Im already receiving refund. How much higher will my refund be?

 
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2 Replies
BillM223
Expert Alumni

I have a tuition deduction of $3,000. What does that mean? I wontpay taxeson $3000 of earning? What if Im already receiving refund. How much higher will my refund be?

A "deduction" is a reduction of your taxable income. Thus the amount of tax that you save is calculated as your marginal tax rate times the deduction. Your marginal tax rate is generally the same as your tax bracket.

 

This deduction appears on line 21 of Schedule 1 (1040).

 

 

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I have a tuition deduction of $3,000. What does that mean? I wontpay taxeson $3000 of earning? What if Im already receiving refund. How much higher will my refund be?

For education there are deductions and credits available.

 

what you get will be based on your income and your 1098-T information.

Be sure you are entering your actual tuition paid in calendar year 2020 when you do this.

 

If you are a dependent, your 1098-T is entered by your parents on their tax return, not yours.

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