Tax deduction

lshang
lshang Member Posts: 3 Newcomer
edited January 15 in Credits/Deductions

If our joint income exceeds $200k in 2023, would my son's college tuition and living expenses, like rent, qualify for tax deductions?


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  • KFine3325
    KFine3325 FreeTaxUSA Agent Posts: 45

    Education credits are available to claim on your tax return for qualifying education expenses for you or a dependent you're claiming if your Modified Adjusted Gross Income (MAGI) is less than $180,000 if you're filing as Married Filing Jointly on your tax return.

    If your combined income was over $200,000, it doesn't appear that you would qualify to claim a credit, but there are many options and factors to consider in your situation. When you are preparing your return, make sure to visit the Tuition Expenses section to be sure you don't qualify.

    You can review the qualifications here: https://www.irs.gov/credits-deductions/individuals/education-credits-aotc-llc

    Also, further instructions for claiming the credit can be located in IRS Publication 970.

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