| Going to school is expensive, so finding as many ways | | | | - Health costs |
| as possible to save money should be your number | | | | - Other school related expenses |
| one goal. | | | | Are There any Limits? |
| It is legal to think about some college expenses as tax | | | | Yes there are some limits as to how much you can |
| deductible. But many students are not aware that this | | | | claim. For example, you can't claim over $4000 of the |
| law exists, or how to go about taking advantage of it. | | | | tuition and fees deduction per year. |
| Which Expenses are Tax Deductible? | | | | Your maximum limit will depend upon your income |
| College tuition fees are included in the Tuition and Fees | | | | range. If you earn over $65,000 then you may be |
| Deduction. Other mandatory school fees may also be | | | | eligible for only $2000 in claims. |
| eligible. | | | | Who is Eligible? |
| To claim, simply report them on Form 1040A or Form | | | | Any student who has paid tuition fees and other |
| 1040. | | | | mandatory fees is eligible. Parents of college attending |
| There is also the Hope or Lifetime Learning tax credit | | | | students can also claim the deduction. Being full time or |
| which you may be eligible for if you paid college tuition. | | | | part time does not make a difference as both are |
| But your eligibility will depend upon your income. | | | | eligible. |
| Which Expenses Are Not Included? | | | | Tax deductible college expenses can save you |
| Expenses which normally don't qualify for tuition | | | | thousands of dollars so make sure you are taking |
| deduction include: | | | | advantage of them. |
| - Books | | | | |