Ask Terry Questions Tax Deduction for Child’s college tuition?

Tax Deduction for Child’s college tuition?

By Terry Savage on January 30, 2020 | College Savings / Student Loans

i am 61 years old. I worked for General electric company for 25 years until last year, February to be exactly. My wife is not working. Our daughter is a freshman at Loyola univ. We’ve been taking out our saving to pay for her tuition. How can we file tax return since this is our first time to have this problem.

Terry Says

Ugh, I have bad news for you. The deduction for college tuition and fees is no longer available. However, you can still help yourself with college expenses through other deductions, such as the American Opportunity Tax Credit and the Lifetime Learning Credit. College graduates can also deduct the interest that they pay on student loans. Consult your tax preparer.

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