2006-08-05 01:51:57 · 2 answers · asked by jeliahtj 1 in Business & Finance ➔ Taxes ➔ United States
You can't just deduct the whole amount, but there is a credit that might be available to you, the Lifetime Learning credit, which can give you a credit of 20% of your eligible expenses depending on your income. Credit is capped at $2000 per year. Download form 8853 and instructions from irs.gov
The Hope credit is only good for the first two years of post-secondary education, so doesn't apply for graduate school.
2006-08-05 03:38:40 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
Yes you can take the deduction on your taxes in the form of the Hope education credit or deduct the tuition costs. You or your parents should get something from your school about your eligible tuition deduction costs.
2006-08-05 01:55:35 · answer #2 · answered by The Big Shot 6 · 0⤊ 0⤋