John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Education Deductions and Credits

 

Education Credits

Don’t forget that credits are “dollar for dollar” reductions of your tax obligation. These credits are for qualified tuition expense pursuing college, graduate or vocational training.

• Hope Education Credit

OR

• Lifetime Learning Credit

Education credits phased out at “MAGI” between $47,000 and $57,000 (single taxpayers) and between $94,000 and $114,000 (married taxpayers).