Education Expenses

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If your modified adjusted gross income (MAGI) does not exceed an IRS set limit, a certain amount of education expenses can be deducted on your tax return. If you choose to deduct the education expenses, you cannot take the American Opportunity or Lifetime Learning Credit on the same student's education expenses. It depends on each taxpayer's circumstances whether it is better to deduct the education expenses or take the American Opportunity or Lifetime Learning Credit. Tuition and fees paid for the education of the taxpayer, the taxpayer's spouse or a dependent child are eligible for the deduction.