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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.
For 2023, the amount of your student loan interest deduction is gradually reduced (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).
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 The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed the tuition and fees deduction for tax years beginning after 2020.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
13. Nontaxable employer tuition assistance 14. Veteran’s educational assistance (GI Bill) 15. Coverdell Education Savings Account distributions reported on Form 1099-Q 16. Qualified Tuition Plan (529 Plan) distributions reported on Form 1099-Q 17. Series EE/I Savings Bond Interest excluded due to education benefits (reported on Form 8815) 18 ...
Please use this worksheet to give us education expenses, student loan interest and ESA / 529 Plan information for preparation of your tax returns. There are two versions of this worksheet; a non‐fillable PDF (what you are viewing now) and an online digital form.
File online. File with a tax pro. College tuition tax deduction essentials. 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.
11 kwi 2024 · OVERVIEW. The Tuition and Fees Deduction was extended through the end of 2020. It allows you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents. TABLE OF CONTENTS. When can I take this deduction? Which expenses qualify? What if I receive grants or scholarships? Click to expand.
