MOUNTAINSIDE — The following is a tax tip regarding tuition and fees deductions from Gregg Semanick-New Jersey’s IRS Spokesperson.
The Tuition and Fees deduction of up to $4,000 is available to help parents and students pay for higher education.
You do not have to itemize to take the Tuition and Fees deduction. You can claim a tuition and fees deduction by completing Form 8917 and submitting it with your Form 1040 or Form 1040A. You cannot claim the tuition and fees deduction if you or anyone else claims the Hope or Lifetime Learning credit for the same student in the same year.
IRS Publication 970, Tax Benefits for Education, can help eligible parents and students understand the special rules that apply and decide which tax break to claim. Publication 970 is available at IRS.gov.
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