The Tuition and Fees Deduction
Deduct Education
Expenses for Yourself and Your Dependents
You can deduct up to $4,000 in education
expenses if your adjusted gross income is $65,000 or less ($130,000 or
less with a joint return).
If your adjusted gross income is more
than $65,000 but less than $80,001 (more than $130,000 but less than
$160,001 with a joint return), your maximum deduction is $2,000. This
deduction is allowed whether or not you itemize your deductions.
Under IRS rules, you can claim EITHER
the tuition and fees deduction OR one of the education tax credits (but
not both) for the same educational dollars spent. It is allowed,
however, to claim an education credit (Hope Credit or Lifetime Learning
Credit) for one member of your household and the tuition and fees
deduction for another. You are allowed to claim the education tax
benefit that is most beneficial for each person who incurs qualified
education expenses.
