In most cases, a taxpayer who qualifies for the tuition and fees deduction will have received a Form 1098-T from the qualified educational institution. To calculate your exact deduction, you can use the Student Loan Interest Deduction Worksheet that the IRS provides. If you are married and choose the married filing separately tax status, you cannot take this deduction. This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site. Yes, but not necessarily the full amount. You can deduct up to $4,000 from your gross income for money spent on eligible education expenses, including tuition, fees, books, supplies and other purchases your school so this is the latest version of Form 8917, fully updated for tax year 2022. I didn't get any notifications from the IRS that was done, nor have I had my federal refund processed. Youre ineligible for the tax credit if your filing status is married filing separately, you were a nonresident alien at some point during the year and/or someone else is claiming you (or the student you paid for) as a dependent. Academic periods are determined by the school. All rights reserved. Education that begins during the first three months of the following year. There are no guarantees that working with an adviser will yield positive returns. Please let us know and we will fix it ASAP. Deductions One useful tax break for college graduates and their parents is the student loan interest deduction. For a general overview, see IRS Publication 970: Tax Benefits for Education. Tax deductions help lower your adjusted gross income, which can lower the amount of taxes you pay. An official website of the United States Government. The AOTC is worth up to $2,500 per student for the first $4,000 you spend on qualifying educational expenses on behalf of yourself, your spouse, or your dependents. The Tuition and Fees Deduction lets you take a deduction for expenses paid to an eligible education institutionup to $4,000. The student in this case could be you, your spouse or your dependent you claim on your return. There are rare instances when a taxpayer may qualify without having received a 1098-T; they would have to prove eligibility when claiming the deduction. The deduction was part of a collection of tax breaks known as tax extenders that routinely expired and then were reauthorized.

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