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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.
Here is a quick breakdown of what qualifies for the student loan interest deduction: Qualified education expenses: If the loan was for tuition, ... 1040-SR, or 1040-NR on their returns.
Learn the education tax credits that could reduce your taxes.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) ... Form 8917 Tuition and fees deduction.
Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. [2] Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year ...
The deduction is reduced for single or head-of-household filers making between $70,000 and $85,000 or between $145,000 and $175,000 for joint filers. Married people who file separately are not ...