<p>I was tooling around the fafsa site and I found something called the Hope college credit. Am I interpreting this correctly to say that college tuition is tax deductible. The only detail I could uncover is that it is for parents with a magi of under 110,000.</p>
<p>is there a ceiling of how much can be deducted?</p>
<p>go find IRS publication 970 and read it.</p>
<p>Publication</a> 970 (2006), Tax Benefits for Education
this is for 2006 and I didn't see the 2007 info</p>
<p>Tuition and fee information for 2007 is here -- <a href="http://www.irs.gov/pub/irs-pdf/f8917.pdf%5B/url%5D">http://www.irs.gov/pub/irs-pdf/f8917.pdf</a></p>
<p>You will note that you have the option of taking this deduction (if you qualify) or the Hope credit. You'll have to figure out if you qualify and, if so, which deduction lowers your taxes the most.</p>
<p>I found the hope/lifetime learning form for 2007
<a href="http://www.irs.gov/pub/irs-pdf/f8863.pdf%5B/url%5D">http://www.irs.gov/pub/irs-pdf/f8863.pdf</a></p>
<p>the software I use will take in all your data and suggest the best way to do the tax.</p>
<p>I use TaxACT</a> Online taxes: FREE online tax filing, IRS efile & income tax preparation</p>
<p>easy, cheap, I like it.</p>