Irs Deduction For Education
August 11th, 2009
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Question: Can’t take an education credit AND a tuition deduction?
I’ve read IRS Pub. 970 cover to cover. It seems to be saying I can’t take both an education credit (either Hope or Lifetime Learning) AND a tuition deduction on Form 1040 line 35.
We are fairly low income and had an enormous college tuition bill this year for our first-born. I thought we would take an education credit (Hope or Lifetime Learning) on the specified portion of our expense, and then deduct for another $4000 of it on Form 1040 line 35. That still leaves plenty of tuition for which we get no tax break at all. It’s not like I’m trying to get both tax breaks on the same tuition dollars.
Am I understanding this correctly? Has Uncle Sam checked out the price tag of higher education lately?
Answer: Your understanding is correct. Quote from Pub 970:
“You cannot claim the tuition and fees deduction if…you or anyone else claims a Hope or Lifetime Learning Credit in 2006 with respect to expenses of the student for whom the qualified expenses were paid.”
The Hope Credit, Lifetime Learning Credit, and Tuition and Fees Deduction are mutually exclusive with respect to an individual student for a specific year.
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