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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 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 ...
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...
Learn the education tax credits that could reduce your taxes.
What is the income limit for the student loan interest deduction in 2024? Single filers can claim the full $2,500 with MAGI up to $80,000. Those who made between $80,000 and $95,000 can claim a ...
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.
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 and board, though, don’t count ...