|
 As
a student, you can claim several tax credits and
deductions. We've tried to summarize these for you
below.
Much of this can be confusing if you don't work with
it every day. We will be glad to help you navigate
the educational tax waters. Contact us for a
no-obligation consultation.
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Type
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Requirements
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Deduction/Credit
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HOPE Credit
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Enrolled in a degree program
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In one of the first two years of
post-secondary education
(Freshman or Sophomore Standing at the beginning of the tax
year)
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Enrolled at least one half of a full load
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No felony drug convictions
|
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100% of the first $1,000 in qualified
expenses
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50% of the second $1,000.
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Limit is per student
|
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LIFETIME Learning Credit
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-
Enrolled in a degree program or to improve
job skills
|
-
20% of the first $10,000 in qualified
expenses
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Limit is per return
|
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TUITION & FEES Deduction
|
|
-
Maximum deduction depends on modified
adjusted gross income
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Deduct $2000/$4000 of qualified expenses
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Limit is per return
|
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Work-related Education and Training
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Educational expenses incurred to improve
existing job skills.
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Does not apply to training for a new
career.
|
-
Can be deducted on Schedule A or Schedule C
depending on type of income.
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In addition to tuition and fees, qualified
work-related education
expenses can include:
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Books
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Mileage
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Office Supplies
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Etc.
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To be deductible or credited:
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Qualified expenses include tuition and fees
-- books only if required to buy them from
the institution as a condition of enrollment
(campus book store doesn't count)
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Expenses must be incurred at an institution
eligible to administer financial aid (which
includes many career schools – truck
driving, cosmetology)
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