How to Qualify for the Tuition and Fees Deduction
So, why is this deduction so desirable? Well, for one, the amount of the tuition and fees deduction is taken as a deduction “above the line”, and not on Schedule A. Secondly, Congress reinstated the deduction for the tax year 2020, and it will expire on December 31, 2020.
In essence, the purpose of the deduction is to permit qualifying taxpayers a subtraction from their taxable income to cover a part of the cost for college tuition. It also permits a deduction for fees paid for education related expenses.
The deduction had View full post…
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