Tax Deductable tuition

Paying for College
1

<p>I read somewhere that some of the college tuition is tax deductable. Anyone gear this before?</p>

2

<p><a href="http://www.irs.gov/publications/p970/ch06.html%5B/url%5D"&gt;http://www.irs.gov/publications/p970/ch06.html&lt;/a&gt;&lt;/p>

3

<p>Depending on your income level, qualified tuition could entitle you to either a Hope Credit, a Lifetime Learning credit, or a Tuition deduction.</p>

4

<p>Looks like you can not claim it if you file jointly as a couple and make over $110,000. Same group with the highest EFC---- so you get no money from the school, pay full load and get no deductions.</p>

5

<p>I believe for married people filing jointly the income deduction is $4,000 for income up to $130 k, $2,000 for income between 130 k-160 k, zero for above 160 k.</p>