Are College Room And Board Fees Tax Deductible

Like the lifetime learning credit you can only include costs of tuition but not room and board.

Are college room and board fees tax deductible.

College tuition and fees are tax deductible on your 2019 tax return. The deduction is worth either 4 000 or 2 000 depending on your modified adjusted gross income magi and filing status. This means that most costs associated with a dorm room including room. The deduction for tuition and fees is not available for the 2019 tax year.

But don t discard these payment records tuition and fees fall under what s considered a qualified education expense for certain credits. For tax years after 2017 however the provision that allowed you to directly deduct these items has expired. Tuition and fees are tax deductible if you re re filing your 2017 taxes. Qualified expenses are amounts paid for tuition fees and other related expense for an eligible student that are required for enrollment or attendance at an eligible educational institution.

Only expenses that are mandatory and paid directly to a college or university are eligible for the tuition and fees deduction. The loss of this deduction also highlights how useful a 529 college savings plancan be for saving money on college expenses. 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.