If yes, how?
2007-06-05 13:18:27 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It depends.
Based on your income and other things, you can get
1. tax credit or
2. tax deduction or
3. nothing
For details check here which will give info and IRS links:
http://tinyurl.com/3bznrx
2007-06-06 07:19:30 · answer #1 · answered by Human07 2 · 0⤊ 0⤋
Yes, there is a Tuition and Fees Deduction. It is an adjustment to income, meaning it comes off your income and you do not have to itemize to get it.
Claiming the deduction in 2006 is a bit tricky since the forms were printed before the deduction was approved. Enter the deduction on Line 35 of Form 1040 with the notation "T". No other forms need to be attached to the return.
The deduction is a maximum of $4,000. You cannot take this deduction if you can be claimed as a dependent, if you file married filing separately, if your adjusted gross income is more than $80,000 ($160,000 if married), or if you are taking an education credit.
Alternatively, there are credits for higher education expenses which can reduce taxes owed. They are the Hope Credit (for the first two years of college) and the Lifetime Learning Credit.
All details and rules appear in IRS Publication 970
http://www.irs.gov/pub/irs-pdf/p970.pdf
2007-06-06 00:09:51 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
There are several types of deductions and credits available for college tuition and fees - you can choose the one that benefits you the most.
If you can be claimed as a dependent, then the person claiming you, usually a parent, is entitled to the benefits from the tuition and fees, not the student.
2007-06-05 14:18:47 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Depends on circumstances. You also have two different education credit options open to you. To deduct college fees they have to be taken to continue in a job which you have; continuing education. You cannot deduct college fees for training in a new field or job.
2007-06-06 03:08:01 · answer #4 · answered by acmeraven 7 · 0⤊ 0⤋
There are two, Hope and Lifetime Learning Credits.
Further there are deductions instead of credits, which may work out to be more beneficial.
2007-06-05 13:23:45 · answer #5 · answered by feanor 7 · 0⤊ 2⤋
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2007-06-05 13:21:37 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Probably, but you'd have to have receipts and itemize the deductions and compare it to the standard deduction.
2007-06-05 13:20:53 · answer #7 · answered by Lowa 5 · 0⤊ 6⤋