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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.
With CollegeBoard reporting rising full-time undergraduate tuition rates for the 2024-2025 school year, college expenses can clearly challenge any budget. That makes it worth looking for ways to ...
State tax deduction or credit: Depending on which state you live in, you could be eligible to claim a 529 tax deduction for making contributions to the plan. 529 Plan Options
The stated goal of the credit was to, "cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students." [ 2 ] H.R.106: The American Opportunity Tax Credit Act of 2009
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.
Students can take advantage of one of two education tax credits: The first is the American Opportunity Tax Credit, which offers up to $2,500 off the cost of tuition, fees and course materials paid ...