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The Money Mustache Community
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Learning, Sharing, and Teaching
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Taxes
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How does tuition effect taxable income?
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Topic: How does tuition effect taxable income? (Read 1478 times)
Murse
Pencil Stache
Posts: 574
How does tuition effect taxable income?
«
on:
July 23, 2016, 04:01:03 PM »
I'm looking at going to school for a bachelors and have been calculating how my pay will increase after taxes vs tuition. I need to know how (if at all) the tuition will affect taxes so I can have an apples to apples comparison.
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forummm
Walrus Stache
Posts: 7374
Senior Mustachian
Re: How does tuition effect taxable income?
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Reply #1 on:
July 23, 2016, 05:57:03 PM »
If you have to pay the tuition you can use one of the tuition credits or deductions. Look for Hope and Lifetime Learning. IIRC you can get a 20% credit for up to $10k/year in qualified expenses.
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The Money Mustache Community
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Learning, Sharing, and Teaching
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Taxes
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How does tuition effect taxable income?