<p>I always thought that tuition and Room and Board are not deductible. Is this correct?</p>
<p>There are several tax breaks for college expenses
<a href="http://www.irs.gov/pub/irs-pdf/p970.pdf%5B/url%5D">http://www.irs.gov/pub/irs-pdf/p970.pdf</a></p>
<p>Most are for tuition and fees.</p>
<p>I know how hard an IRS publication is to read so I'll summarize for you:</p>
<p>If you fall within the income range there are two credits you can get for college expenses: The Hope Credit and the Lifetime Learning Credit. The first is for the first two years of school and the second is for anything after that. Only qualified tuition and fees qualify for these.</p>
<p>If your income is too high for those, or sometimes it is even more beneficial if you're income is lower is the tuition and fees deduction. Only tuition and fees can be used for this also.</p>
<p>Rarely, if your occupation requires you to continue your education, you can deduct tuition and anything else required on schedule A as a miscellaneous itemized deduction. This isn't used much since the Tuition credits and deduction came into effect.</p>
<p>Remember that only the person claiming the student on the return can take these.</p>