The IRS Deductions Blog

Posts Tagged ‘taxmba’

Question: If I do file jointly for taxes, and my wife goes back to school (MBA), is it deductible?

Answer: Even better yet, they shouldn’t answer your question unless they are a tax professional.

The Lifetime Learning Tax Credit can be claimed for students in any year of study, which makes it appropriate for a lot of graduate students.

You can claim this credit for yourself, your spouse or your dependents. The credit is calculated by summing your tuition and related expenses, those of your spouse and those of all your dependents.

The amount of the lifetime learning credit is 20% of the first $10,000 of qualified education expenses you paid for all eligible students. The maximum amount of lifetime learning credit you can claim for 2005 is $2,000 (20% × $10,000). However, that amount may be reduced based on your modified adjusted gross income (MAGI).

Also, there is the Student Loan Interest deduction. if your modified adjusted gross income is less than $135,000 if filing a joint return, there is a special deduction allowed for paying interest on a student loan (also known as an education loan) used for higher education. For most taxpayers, MAGI is the adjusted gross income as figured on their federal income tax return before subtracting any deduction for student loan interest. This deduction can reduce the amount of your income subject to tax by up to $2,500 in 2005. The numbers arent in for 2006, but either it will be the same, or a little higher.

Items on Amazon Right Now for Mba Tax Deductible:

The National Association of Professional Women’s Local Chapter in Jacksonville Has Successful Chapter Meeting Kicking …

Chapter President, Karem Mieses welcomed all members and guests and reviewed the Chapters goals to foster friendships, serve as a resource for ideas and support in our professional and personal lives.