Ask Terry Questions College expenses as a deduction

College expenses as a deduction

By Terry Savage on March 29, 2017 | College Savings / Student Loans

What college expenses may I include when filing my taxes

Terry Says

This is such a complicated question, with so many variables, that I am going to direct you to IRS Publication 970 that explains all of them.  Just click on the blue link I provided to go directly there.  And be sure to compare the benefits of this deduction (against income -- if you qualify) with the potential benefits of the American Opportunity Credit, and the lifetime learning credit.   This is complex, and it might be worthwhile consulting a tax professional to help you understand each and how it would impact your tax liability.



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