Hello, I'm 57 and returning to school in 2016. I've paid the tuition costs in full in 2016 and I'm wondering if I will be able to deduct any of the tuition fee off of my taxes. And would any other costs associated with the return to school be deductible as well? For example, would any transit, parking, mileage to & from class, or equipment (laptop) costs be deductible? Thank You!
The answer is YES — depending on your income and filing status.. You could reduce your income by as much as $4,000 if you paid that much in qualified expenses for higher education. The rules are a bit complicated so here is a link to the IRS regulations on deductions for tuition. Also, compare to several education tax CREDITS, as described and linked in this article.