![]() ![]() This means you can claim this deduction even if you do not itemize deductions on Schedule A (Form 1040). This deduction, reported on Form 8917, Tuition and Fees Deduction, is taken as an adjustment to income. The tuition and fees deduction can reduce the amount of your income subject to tax by up to $4,000. ![]() The qualified expenses must be for higher education. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an exemption for you as a dependent on his or her tax return. You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or your dependent. (718) New York City College of Technology (646) Borough of Manhattan Community College You should save all your receipts for tuition, fees, books and supplies and consult a tax advisor to determine your tax liability. Grants and scholarships can also be taxable income. Federal Work-Study earnings are just like income from any job. In addition to providing tax breaks some forms of financial aid are considered taxable income. The expenses must be for undergraduate study, paid by you as a taxpayer, on behalf of yourself, your spouse, or your dependents, to enroll or attend qualifying in- or out-of-state institutions of higher education. There are also New York State benefits where you can take either a tax credit or an itemized tax deduction for allowable college tuition expenses. Information regarding these benefits can be found in the Federal Tax Benefits section and for additional details, please go to the IRS website or call 80. The federal government provides several ways in which your income tax burden can be reduced when you or your parents pay for a college education.
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