With the cost of education on the rise, you’ll be glad to know that education credits and deductions may help offset some of that cost. Whether you’re a student or parent of a student, with this calculator, you’ll be able to find out what education credits and deductions you’re eligible to claim on your tax return by just answering a few simple questions about your life.
Is there a salary cap for getting the Education Tax Credit?
Sharon,
The income cap for claiming the Education Tax Credit is $90,000 for single filers and $180,000 for joint filers.
Mary Ellen
My oldest son’s dad claims him as a dependent. He makes over the $100,000 and he is single. I pay for half of my sons educational expenses. I claim my youngest son and make below $32,000. So I don’t get to claim any educational expenses I have paid and neither can my son’s dad, right?
Thanks for your time
Sharon
Are books and other supplies deductible or just tuition?
Chris,
Books and school supplies may qualify for the American Opportunity Tax Credit.
Mary Ellen
I paid partial tuition fee in amount of $3,600 for my 10 year old grandson in private institution–Can I claim anything at all? I am guessing ONLY the parent can institute any educational ,is that correct?
Hi Jeanne,
To claim an education deduction or credit, the student must be the taxpayer, spouse (if filing a joint tax return), or claimed as a dependent on the tax return. Expenses for elementary school and high school education don’t qualify for most education deductions and credits.
Thank you,
Mary Ellen