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Not all expenses you pay when attending college or continuing education courses qualify for a tax credit or deduction. Here are the types of expenses that qualify for tax credits: Tuition and fees
40% of the credit is refundable. This tax credit is subject to a phase-out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly). The act directs several Treasury studies: Coordination with non-tax student financial assistance;
Paying college expenses directly from a 529 account may reduce eligibility for the American Opportunity Tax Credit, due to IRS coordination restrictions. To claim the full credit (in addition to meeting other criteria, such as income limits), $4,000 of college tuition and textbook expenses per year should be paid from non-529 plan funds. [26]
One way to defray expenses, in general, is to claim tax credits such as the child tax credit, earned income tax credit and the disability tax credit if you qualify. Tuition tax credits, college tax...
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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.
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.
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