College Tuition Tax Deductible?

[ksloan15522]

I have paid 8,000 for my son's college tuition, is this tax deductible?

[fireguy]

yeah.. there is a spot to claim it on your taxes under education

[keo31204]

You can file for the HOPE credit. Also, if your son can no longer be claimed by you for some reason, later on in life he can claim the Life time learning credit.

[ninasgramma]

Did you pay $8,000 in one year for your dependent child? You might get:Hope Credit: Applies to only the Freshman or Sophomore year of college, at least half-time attendance. If your AGI (there are a few additions to this depending on the credit) is less than $45K if you are not married or less than $90K if you are married, then you could get as much as $1,650 (may be slightly higher for 2007) of credit against taxes you owe. Lifetime Learning Credit: Applies to any year of college. Same income limits as Hope Credit. You can get 20% credit or $1,600 against taxes you owe.Tuition and Fees Deduction: Applies to any year of college. You can deduct $4,000 from your gross income. The income limits for the full credit are $65K if not married, and $130K if married. If you make too much to qualify for the credits, you might still get to take the T/F deduction.All three tax benefits have a phaseout for slightly higher incomes.

You have to figure each credit or deduction that you qualify for and see what is best. You can only get one benefit for your child. You can't split your tuition payments up and take more than one benefit. Check how this affects your state return as well before making your decision.