Higher Education Tax Incentives
NOTE: Taxpayers may only take one of these two credits in a given year.
The Tuition and Fees Deduction is a deduction of up to $4,000 for qualified tuition and fees paid during the year. This deduction is not available if anyone claims the American Opportunity Credit or the Lifetime Learning Credit for the same student
The Student Loan Interest Deduction is a deduction of up to $2,500 for student loan interest paid during the year. This deduction is available in addition to the other deductions and credits.
You can find additional information about Tax Benefits for Higher Education on the IRS website. IRS Publication 970 Tax Benefits for Education also contains additional information about higher education tax incentives, including the Coverdell Education Savings Account and Qualified Tuition Program.
Tax laws change frequently. The information contained on this page is current law as of February 9, 2018. Please contact your tax advisor or preparer for information about your specific tax situation.