What Educational Expenses Are Tax Deductible? TurboTax Tax Tip Video

https://turbotax.intuit.com What Educational Expenses Are Tax Deductible?

Note: Unless extended, the tuition and fees deduction ends with the 2019 tax year. Beginning in 2018, unreimbursed employee expenses are no longer eligible for a tax deduction on your federal tax return however, some states such as California continue to provide a deduction on your state tax return if you qualify.

If you or your spouse are currently a student, or if you can claim a dependent who is, there are a few options to reduce your taxable income this year. Learn all about common tax deductible education-related costs, including work-related education expenses, filing IRS Form 8917 and how you may qualify for the tuition and fees deduction, and other tips for filing taxes that include educational expense tax deductions in this helpful TurboTax tax tip video.

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Video Transcript:

Hello, I'm Arye from TurboTax with some information about what education expenses are tax deductible.

If you or your spouse are currently a student, or if you can claim a dependent who is, there are a few options to reduce your taxable income.

One: The tuition and fees deduction for qualified education expenses can reduce your taxable income by up to $4,000, even if you don't itemize your deductions. You likely qualify unless you’re above the IRS's income threshold or if you are married and file separately.
How much you can deduct will be based on your modified adjusted gross income, also known as your MAGI. If you use TurboTax, we can help determine if you’re eligible and calculate how much you can deduct.

Two: If you're taking courses because your employer or a government agency requires it, you may also consider taking a deduction, although you'll need to itemize your deductions on Schedule A.

You can only deduct the amount that exceeds 2% of your adjusted gross income. So if 2% of your adjusted gross income is $1000 and you paid $1500 for courses, you can claim $500.

You can claim the deduction whether you pay using personal funds or student loans.

Tip three: You may be able to deduct courses you take that maintain or improve skills needed for your work. For example: If you repair televisions, you can deduct courses you take to keep up with the latest changes in television repair.

For more information about this and other tax topics, visit TurboTax.com.