Federal Tax Benefits Related to Educationfor 2011

Federal Tax Benefits Related to Educationfor 2011 - Federal...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Federal Tax Benefits Related to Education for 2011 Tuition and Fees Deduction – This is a deduction from your taxable income of up to $4,000. The deduction starts to phase out when your adjusted gross income reaches $65,000 if you are single and $130,000 if you are married filing joint. The deduction is not available to you if you file as married separate. The deduction can be used for tuition and fees for both undergraduate classes and graduate classes. Books and room and board do not qualify. The deduction can be taken if you are a part time student or full time student. The deduction can be claimed by your parents if they claim you as a dependent. If your parents can claim you as a dependent, you are not eligible for the deduction. Generally, the deduction is not as advantageous as the credits mentioned below. If you or your parents do not have any taxable income (whoever is taking the credit, not both of you), this deduction does not help you.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/16/2012 for the course PSYCH 373 taught by Professor Marthafaircloth during the Spring '09 term at Campbell University .

Page1 / 2

Federal Tax Benefits Related to Educationfor 2011 - Federal...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online