College Tuition Tax Deduction

Archived Q&A and Reviews


Questions  

What are the tax breaks for college?

April 2012

I am wondering what the tax breaks are for paying college tuition. How much in tuition payments and how much of a reduction in taxes paid. Thanks for any info. mirsun


Go online to www.irs.gov and read Publication 970 which discusses the credits or deductions that you may be able to take. It really depends on your family's income whether or not you can take an education tax credit, a tuition deduction, or neither. So check it out! Anonymous


Trying to figure out the tax deduction/tax credit

Dec 2011

We're trying to figure out the tax deduction/tax credit for college expenses. If someone has recently dealt with this, and would be willing to explain it, it would be much appreciated. Firt-time college mom


Google 1098-T. This is the Tuition Statement that the college will send you that you will use to calculate the education tax credits. The college sends the same figures to the government. Just refer to the figures on the 1098-T as you complete your taxes and it won't be difficult. anon