How do I deduct grad school tuition from my taxes?

Question

I got a form 1098-T from my school that lists amount billed for tuition for the year. It is a good $8,000+. How do I deduct this??

Thanks!!

Answer 1

You could take the Lifetime Learning Credit for a portion of those expenses, or the tuition and fees deduction. .The Lifetime Learning credit probably gives you more tax savings.

The Hope credit is not available for grad students.

Answer 2

Enter the amount you spent (not that was paid on your behalf by someone else) save your receipts. You can deduct books, tuition, lab fees. I just did this on my taxes. You can also deduct any interest YOU have paid on student loans during the year.

This is called the education credit.

Answer 3

first of all, you can NOT take the Hope credit. this is for undergraduate freshman and sophomores.

the tuition expense deduction is taken on the face of the 1040. i think the maximum deduction is $4,000 however.
but honestly, i dont think that graduate level tuition is eligible for any education credit... turbotax says that its not deductible

Answer 4

Yeah, you may learn the Singleton case, yet word that except you went lower back to college after working finished time you won't have the ability to draw a parallel. So in case you went on the instant from undergrad to grad college, the IRS won't settle for it.

Answer 5

I believe it is called a "Hope Credit" I don't remember the form number though!

looked it up, Form 8863, there is the pdf, the link at the bottom has faq's about the form

http://www.irs.gov/pub/irs-pdf/f8863.pdf