tax planning- deductible costs

<p>Are college application fees, SAT/MCAT fees, score fees, transcript fees for grad school, etc deductible?</p>

<p>Can they be used as eligible educational expenses to deduct from scholarships which exceed tuition?</p>

<p>Don't think so. The tax rules for education expenses are are quite specific, though they do vary according to the specific tax benefits. For instance room and board is a qualified education expense for 529 account withdrawals but not for the Hope Tax Credit or for non taxable scholarships/grants. </p>

<p>The publication that lists them all is IRS 970
<a href="http://www.irs.gov/pub/irs-pdf/p970.pdf%5B/url%5D"&gt;http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;&lt;/p>

<p>Page 3 has the qualified expenses allowed as not taxable for Scholarships/grants and has a table.</p>

<p>I have excel sheets going to make sure I make the best choices tax wise. Spent today figuring out how much we can draw from son's 529 account to help with his expenses and still have him able to maximize his Hope credit next year.</p>

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<p>No.</p>