Tuition and Fees Deduction
Another popular tax deduction is the tuition
and fees deduction. Below is the guideline and tips on the
tuition and fee tax deduction allowable by the IRS.
What is the maximum tuition and fees
The maximum tuition and fees deduction for
2007 is up to $4,000 per tax return for qualified education
The tuition and fees deduction may be
limited if the modified adjusted gross income (MAGI) exceeds
What are qualified edcuation expenses?
Qualified education expenses are:
Student activity fees and expenses for
course related books, supplies, and equipment are only included
in qualified education expenses if the fees and expenses must
be paid to institution as a condition of enrollment or
What are not included in the qualified
Qualified education expenses do not
room and board
similar personal living expenses
expenses paid with tax free scholarship, grant or
employer provided educational assistance
Which tax form to use to figure out the
tuition and fees tax deductions?
IRS tax form 8917 is used to calculate the
tuition and fees tax deductions.
When can I not claim the tuition and fees
Tuition and fees deductions are not allowed
by the IRS if: