Tuition tax deductable?

[frozen_canadian]

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Just a quick question for my american neighbors. In Canada, we can accumulate the money we pay for tuition and then use it as a tax credit after we graduate. This effectively reduced all my tax to 0 in the first year I was in practice = about $20,000 in 'free' money. Can you do the same thing in the States? Its an awesome bonus when the money is needed the most.

 

[Marsala]

You can deduct up to a certain amount yearly, and you can deduct interest paid on student loans, but we don't accumulate tuition money and get to apply it in a lump sum. 🙁

 

[frozen_canadian]

You can deduct up to a certain amount yearly, and you can deduct interest paid on student loans, but we don't accumulate tuition money and get to apply it in a lump sum. 🙁

Ok thanks. I was thinking that it would be a silver lining in the skyrocketing tuition that you guys have..but I guess not. 😳

 

[philomycus]

You can only get a tax break on $12,500 of education tuition per year. I still owed the damn government $180 last year..... even though our combined incomes was only $42,000. Blah!

 

[Coquette22]

In Canada, we can accumulate the money we pay for tuition and then use it as a tax credit after we graduate.

I am SO looking forward to this.