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March 2, 2025
Question

how can I deduct tuition paid out of pocket for tax year 2024?

  • March 2, 2025
  • 1 reply
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    1 reply

    March 2, 2025

    You should have received a 1098-T from your educational facility.

     

    Here's how to enter your 1098-T in TurboTax, from Where do I enter Form 1098-T (Tuition Statement)?:

     

    • Enter the 1098-T in the section for Tuition:
      • TurboTax Online: Here is the link: 1098-T. or use the magnifying glass, type "1098-T", and select "Jump to 1098-T"
      • TurboTax Desktop: Select Search. Search for Form 1098-T.

     

    Here is some more information you may find useful: Guide to Tax Form 1098-T: Tuition Statement

    Hal_Al
    Employee
    March 2, 2025

    There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit. 

    You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.

     

    Reference: Line 7 instructions for form 8863.

    https://www.irs.gov/instructions/i8863#en_US_2024_publink53002gd0e674