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Tuition and fees deduction. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed the tuition and fees deduction for tax years beginning after 2020. In-come limitations for the lifetime learning credit were in-creased to help filers transition to the lifetime learning credit. We removed former chapter 6 and renumbered
Student loan interest deduction. For 2023, the amount of your student loan interest deduction is gradually re-duced (phased out) if your MAGI is between $75,000 and $90,000 ($155,000 and $185,000 if you file a joint return). You can’t claim the deduction if your MAGI is $90,000 or more ($185,000 or more if you file a joint return). See chapter 4.
Use this form for qualified tuition and fees paid in 2018, 2019, or 2020, and later years if legislation extends the deduction (see instructions). File a separate Form 8917 for each year after 2017 for which you qualify to take the deduction.
Qualified expenses are always adjusted by tax-free educational assistance received, and the balance is used to calculate the credit. The following expenses do not qualify for the AOC or the LLC: Room and board; Transportation; Insurance; Medical expenses; Optional student fees, i.e., fees not required as a condition of enrollment or attendance
Form 8917 lets you claim a modest tax deduction for qualified education expenses. Let's break down who can use form 8917 and how to fill it out.
11 kwi 2024 · The Tuition and Fees Deduction was extended through the end of 2020 and allows you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents. Qualifying expenses include tuition and mandatory enrollment fees to attend any accredited public or private institution above the high school ...
The Tuition and Fees Deduction lets you take a deduction for expenses paid to an eligible education institution—up to $4,000. The student in this case could be you, your spouse or your dependent you claim on your return.
