John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Education Deductions and Credits

 

Tuition and Fees Deduction – an above the line deduction (through 2012 for now).

• This deduction is for qualified tuition and fees paid for yourself, your spouse, or your dependents.

• Not allowed for taxpayers filing married filing separately or any taxpayer who qualifies to be a dependent of another (whether or not claimed by that other).

• Maximum deduction of $4,000.

• The deduction phases out at Modified Adjusted Gross Income (MAGI) between $65,000 and $80,000 (single or head of household) and $130,000 and $160,000 (married filing joint).

• Give us the information on your higher education expenses on sheet 38.