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My daughter took one college class this year. I understand that I can deduct the tuition for it, but can I also deduct the amount it costs for a college to have reviewed the transcript, which was $100.
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Having 3 kids go through college I don't think so. The college is also suppose to send you a tax form listing any reportable college costs such as tuition. Books, parking passes, etc. never worked for me. A lot of the college related tax deductions are also based on your income. Basically the more you make the less you can deduct!
Our household income is over $150,000 a year and because of that we get little or no breaks. Doesn't matter that we live in a cost area. I honestly think I'm the only one that has to pay 100% of my kids college related costs. The system works against middle income familes.Comment
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If the $100 was paid directly to the challenge and was a condition of enrollment, it would be a related fee and would be deductible (subject to the terms of the deduction in general, of course). As Drake said, the college will send you a form 1098-T which details qualified expenses eligible for the tuition & fees deduction.
Also, don't forget to look at the education credits, if you're eligible they can often have a bigger impact on your tax due.Comment
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Okay, thanks. This is my first child to take a college class and she's still in high school, so I wasn't sure. When we did my husband's several years ago he maxed out the deduction on his tuition alone.Comment
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You are not the only one. My twins are in college. We are ineligible for grants. Our household income was around $250k last year so we don't get the credit. It is no fun paying out of pocket for everything but I will not allow my kids to start life in debt. Sucks for sure!Originally posted by Drake3287 View PostComment
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