I'm 41 yrs old - seeking my bachelor's degree. How much of my education cost can I deduct from my taxes?

Answer 1

There are 3 credits/deductions available. Also depends on your (and if married) your wife's income. If you make too much (more than $160K, then nothing.

If you make less the Hope credit gives you up to $1600 tax reduction if this is your first or second year as a degree student. Up to $2000 credit if you qualify for the Lifetime Learning Credit. And up to a $4000 Deduction if you don't qualify for either of the credits.

Answer 2

It depends since you did not provide much information.

Generally...

Did you get reimbursed for any of the tuition cost from your employer, if employed?

If not, there's either the education deduction or credit which is based on your filing status and your AGI. You would need to do some calculations to see whether the deduction or credit provides the best solution based on your taxes so you should qualify under the Hope or Lifetime Learning credit.

Many of the retail tax software can assist you with that calculation.

Answer 3

Look into the Hope credit (if you're in your first two years of post-secondary education) or the Lifetime Learning credit if you are beyond that, for getting a credit for a portion of your tuition and fees.

Answer 4

None

Answer 5

prob none.