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HM Taxes

Can I deduct College Tuition?

Maybe.

There are 3 possible ways to benefit from College tuition paid for yourself, your spouse or dependents. 

You may qualify for all, some or none of them depending on your income and a couple other factors.

• Tuition and fees deduction up to $4,000 from gross income. Income limitations apply.

• The provision for deducting tuition and fees expires for tax years after 2016. (this has not been renewed for 2017)

• Student loan interest deduction up to $2,500 from gross income. Income limitations apply.

To download our free flyer on this subject, click here http://bit.ly/2hPHRFu