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Education Credits
- If you paid tuition for your degree education during the tax year, you
can claim deduction on tuition either as adjustments on Form 1040 or as
Education Credits (only for federal tax)
- You should calculate income tax
using both methods to determine which one gives you lower tax
- Tuition and Fees Deduction
- Up to $4000 adjustment per taxpayer
- Up to
$2000 if $65k ($130k MFJ) < MAGI < $80k ($160k)
- Hope Credit
- Up to
$1500 credit per student
- Phases out for $42k ($85k) < MAGI < $52k
($105k)
- Only for 1st 2 years of post-secondary education
- Lifetime Learning
Credit
- Up to $2000 credit per taxpayer, same phaseout as Hope
- Qualifying
expenses towards a degree, or relevant job skills
- Sample Form 8863
