This credit is up to $2,500 per student in a degree program for the first four years of college
Deduction for tuition and fees. Taxpayers can claim a deduction (also above the line) of up to $4,000 for qualified tuition and fees they pay if they meet the income guidelines (Sec. 222). Qualified expenses for this deduction include only tuition and fees. For 2011, single taxpayers with MAGI less than $65,000 ($130,000 for married filing jointly) can deduct up to $4,000 (Sec. 222(b)(2)(B)). For single taxpayers with MAGI between $65,000 and $80,000, and married taxpayers with MAGI between $130,000 and $160,000, the deduction is reduced to the lesser of $2,000 or the amount paid. For single taxpayers with income over $80,000 ($160,000 for married taxpayers), no deduction is allowed. Married taxpayers filing separately are not eligible for the deduction.
Note that this provision expired at the end of 2011 and, unless retroactively extended (as occurred in 2010 for that tax year through 2011), is not available for 2012 expenses.
For parents to claim this deduction, they must pay the tuition and fees for their child, and they must claim the child as a dependent. The deduction for tuition and fees cannot be taken for the same student in the same year as the American opportunity tax credit or the lifetime learning tax credit (Sec. 222(c)(2)). Continuar leyendo: “This credit is up to $2,500 per student in a degree program for the first four years of college” →
Publicado el 28/3/2022 Categoría Kentucky best payday loans.
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