Tuition Deductible???

[Slider]

I posted in oot, but I got linked to some IRS thread that I din't understand.

How much of tuition is deductible per tax year if my tuition is say 20k a year in the U.S.

[NickMPK]

There are a couple of different tuition deductions/credits.

Probably the most useful is the "Lifetime Learning Credit" which is a tax credit of up to $2000. Meaning you actually pay $2000 less in taxes.

To get the $2000, you have to have paid at least $10,000 in tuition, and you can't have an income over a certain amount (I don't remember what). If you paid less than $10,000, you a can get a credit of 20% of tuition paid.

[Thremp]

None if you are a dependent IIRC.

[HajiShirazu]

This must have been the reason they sent me back like $100 last year when I paid my taxes, lol.

[AceLuby]

In MN you can only deduct up to $1700 of paid tuition + you can deduct any interest payments paid (up to 1-2k I think)