Tuition tax credits

[canadiancal]

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As a canadian looking to go south for optometry school, are tuition costs tax deductible like in Canada? My wife will be working when I go to school so it would be helpful to know the approx return (%) when filing income tax returns. I suppose it will matter on the state but I would appreciate any info. I know I would not be able to credit U.S. tuition costs if I filed a Canadian tax return (if I retain assets in canada) Thanks in advance.

 

[jefguth]

As a canadian looking to go south for optometry school, are tuition costs tax deductible like in Canada? My wife will be working when I go to school so it would be helpful to know the approx return (%) when filing income tax returns. I suppose it will matter on the state but I would appreciate any info. I know I would not be able to credit U.S. tuition costs if I filed a Canadian tax return (if I retain assets in canada) Thanks in advance.

From what I've been told, tution is no longer deductable on US taxes, however you can use your US tuition (all of it! 😀 ) and some living expenses as a deductable on your Canadian taxes. All you need is an extra form signed by your school.

 

[Ryan_eyeball]

From what I've been told, tution is no longer deductable on US taxes, however you can use your US tuition (all of it! 😀 ) and some living expenses as a deductable on your Canadian taxes. All you need is an extra form signed by your school.

As far as I know the IRS has still the LifeTerm Learning Credit in place. I was just on the IRS.gov website and it has it detalied out to people. You can credit your taxes up to $2000, assuming that you have paid over $10,000 in tuition for the past calender year. Tuition costs have to be over 10k, after any scholarships have been substracted. IF you've paid under 10k for tuition, then its a sliding scale of how much you can credit your taxes. Been a great credit for the past few years.