I am in college, is the tuition I pay deductible?

For individuals with higher education costs, there are several options. The Hope Credit, the Lifetime Learning Credit and the Tuition and Fees Deduction. Each credit is non-refundable and is a credit applied directly to the overall tax liability. Each credit also has different requirements.

The Tuition and Fees deduction is an adjustment to your income. The allowable deduction is based on the tax year and the taxpayers modified adjusted gross income. The deduction is not allowed for married filing separate taxpayers or taxpayers claimed as a dependent by others.

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