Are College Room And Board Fees Tax Deductible

Like the lifetime learning credit you can only include costs of tuition but not room and board.

Are college room and board fees tax deductible.

The deduction for tuition and fees is not available for the 2019 tax year. But don t discard these payment records tuition and fees fall under what s considered a qualified education expense for certain credits. For tax years after 2017 however the provision that allowed you to directly deduct these items has expired. Qualified expenses are amounts paid for tuition fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution.

The deduction is worth either 4 000 or 2 000 depending on your modified adjusted gross income magi and filing status. Tuition and fees are tax deductible if you re re filing your 2017 taxes. You must pay the expenses for an academic period that starts during the tax year or the first three months of the next tax year. You could ve claimed deductions on your 2017 taxes worth up to 4 000.

Only expenses that are mandatory and paid directly to a college or university are eligible for the tuition and fees deduction. The tuition and fees deduction allows you to deduct up to 4 000 in qualified expenses. Those are the taxes you file in 2020 new deadline.