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In the past, you could deduct college expenses using the Tuition and Fees Deduction. But this deduction was phased out in 2020, and instead there are several college credits that have expanded.
Student Loan Interest Deduction: If you made a payment on your student loans in 2024, you may deduct the amount of interest you paid on them or $2,500 from your taxable income, whichever is less.
The lifetime learning tax credit has the same income cutoffs as the American opportunity tax credit. You can claim the full credit up to an MAGI of $80,000/$160,000 single/married filing jointly.
The cost of attending college can be a major financial burden on students and their families. The average costs for tuition, books, supplies and daily living expenses reached $38,270 in 2024 ...
The average cost of tuition and fees at four-year private colleges and universities has grown from $34,970 for the 1994-1995 school year to $58,600 for 2024-2025, according to CollegeBoard.
American Opportunity Tax Credit. The American Opportunity Tax Credit allows you to lower your income tax bill by up to $2,500 per student, per year on undergraduate tuition, fees and books. Room ...
College isn't cheap. However, depending on your situation, you might be eligible to deduct all or a portion of tuition costs when you file your taxes. But, because the tax code contains multiple...
With CollegeBoard reporting rising full-time undergraduate tuition rates for the 2024-2025 school year, college expenses can clearly challenge any budget. ... cut your 2024 tax bill. As a college ...