Are College Room And Board Fees Tax Deductible

The loss of this deduction also highlights how useful a 529 college savings plancan be for saving money on college expenses.

Are college room and board fees tax deductible.

The deduction is worth either 4 000 or 2 000 depending on your modified adjusted gross income magi and filing status. You could ve claimed deductions on your 2017 taxes worth up to 4 000. The tuition and fees deduction allows you to deduct up to 4 000 in qualified expenses. For tax years after 2017 however the provision that allowed you to directly deduct these items has expired.

College tuition and fees are tax deductible on your 2019 tax return. Those are the taxes you file in 2020 new deadline. Only expenses that are mandatory and paid directly to a college or university are eligible for the tuition and fees deduction. Like the lifetime learning credit you can only include costs of tuition but not room and board.

The deduction for tuition and fees is not available for the 2019 tax year. You must pay the expenses for an academic period that starts during the tax year or the first three months of the next tax year. But don t discard these payment records tuition and fees fall under what s considered a qualified education expense for certain credits.