Wednesday, December 4, 2013

These College Expenses Are Tax Deductible

Going to school is expensive, so finding as many ways as possible to save money should be your number one goal.It is legal to think about some college expenses as tax deductible. But many students are not aware that this law exists, or how to go about taking advantage of it.Which Expenses are Tax Deductible?College tuition fees are included in the Tuition and Fees Deduction. Other mandatory school fees may also be eligible.To claim, simply report them on Form 1040A or Form 1040.There is also the Hope or Lifetime Learning tax credit which you may be eligible for if you paid college tuition. But your eligibility will depend upon your income.Which Expenses Are Not Included?Expenses which normally don't qualify for tuition deduction include:- Books- Health costs- Other school related expensesAre There any Limits?Yes there are some limits as to how much you can claim. For example, you can't claim over $4000 of the tuition and fees deduction per year.Your maximum limit will depend upon your income range. If you earn over $65,000 then you may be eligible for only $2000 in claims.Who is Eligible?Any student who has paid tuition fees and other mandatory fees is eligible. Parents of college attending students can also claim the deduction. Being full time or part time does not make a difference as both are eligible.Tax deductible college expenses can save you thousands of dollars so make sure you are taking advantage of them.

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