Tax Deduction for Post Bacc Classes

[MacVA]

Advertisement - Members don't see this ad

Hello,

Does anyone on this forum know if post bacc classes are considered tax deductions for federal income tax purposes?

Since tax season is right around the corner I thought I would ask this question since it probably applies to several other members.

Sidenote - I did a search before I asked this question but came up with nothing.

Macva

 

[Sol Rosenberg]

The exact answer depends upon your exact situation, but my answer to you is "Quite Possibly." (and it would be a credit to income, not a deduction.)

Please see Pub. 970 for all of the details.

http://www.irs.gov/publications/p970/ch06.html

 

[GoodmanBrown]

The exact answer depends upon your exact situation, but my answer to you is "Quite Possibly." (and it would be a credit to income, not a deduction.)

Please see Pub. 970 for all of the details.

http://www.irs.gov/publications/p970/ch06.html

There are multiple ways to skin the cat on this one.

1) Take up to a $4,000 deduction off your income
2) Take the Lifetime Learning credit towards your taxes owed
3) Take a Hope credit towards taxes owed.

For me, I've always taken the Lifetime Learning credit. You can do it as often as you like (Hope is only 2 years of post-secondary education. I maxed that out long ago...) I also usually earn a small enough amount that I can take the full $2,000 credit. Taking the $4,000 deduction would result in substantially less tax savings as my tax bracket is usually the lowest or close to it.

In each case, individual income, dependent status, etc. can change the amounts you would receive. Follow the publication for more information on each.

In every case, you'll need to get a 1099T form from your schools which give the amount that is deductible. (Student health fees and some other stuff can't be deducted, so you can't just use how much you paid.)

 

[Nellyakgo]

Are Kaplan courses also eligibel for such deductions?

 

[edmadison]

Are Kaplan courses also eligibel for such deductions?

No, those are note "qualified educational expenses"

Ed

 

[GoodmanBrown]

Are Kaplan courses also eligibel for such deductions?

No, the institution has to be an accredited school.

Books are also eligible, but they have to be required by the course instructor.

 

[Law2Doc]

Hello,

Does anyone on this forum know if post bacc classes are considered tax deductions for federal income tax purposes?

Since tax season is right around the corner I thought I would ask this question since it probably applies to several other members.

Sidenote - I did a search before I asked this question but came up with nothing.

Macva

You may be able to get a tuition credit if you meet all the requirements, as linked by SR above, but if you are simply taking classes not enrolled in a particular program I'm betting the answer is no. You will not be able to take it as a "business deduction" like you might for certain schooling that enhances your current skills in the job you are already in.