If you are not able to claim either the American Opportunity Credit or the Lifetime Learning Credit, you may still be able to deduct qualified education expenses paid during the year for yourself, your spouse, or your dependent(s). The TUITION AND FEES DEDUCTION can reduce the amount of your income subject to tax by up to $4,000, and is taken as an adjustment to income (so you can claim this deduction even if you do not itemize deductions on Schedule A of Form 1040).
- Generally, you can claim the tuition and fees deduction if you pay qualified higher education expenses for yourself, your spouse, or your dependent for whom you claim an exemption on your tax return.
The TUITION AND FEES DEDUCTION is claimed using IRS Form 8917. You may not take both an education credit (Lifetime Learning Credit or American Opportunity Credit) and the TUITION AND FEES DEDUCTION for the same student for the same tax year.
For complete information, please refer to Chapter 6 of Pub. 970 – Tax Benefits for Education and the IRS Instructions for Form 8917.
The above information is not provided as legal or tax advice. Individuals should consult with a qualified tax professional, and/or contact the IRS Taxpayer Assistance line at 1-800-829-1040 with regards to any credit or deduction claimed on a personal tax return.