Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
L
lupsiewicz
February 15, 2021
Question

If my modified gross income is over 150,000 can I deduct qualified education expenses?

  • February 15, 2021
  • 1 reply
  • 0 views
Can you deduct education expenses for 5th year of college?

1 reply

Hal_Al
Hal_Al
Employee
February 15, 2021

Simple answer: No.

As you know there are income limits for claiming a credit or deduction. $150K (Single) disqualifies you for all of em.  $150K Married Filing jointly (MFJ) still qualifies you  for the American Opportunity Credit (AOC or AOTC). But there is a 4 time limit for claiming it.  The times you parent claimed count against your 4 times. So, that's the only one that you (maybe) cannot claim in the 5th year of college.

You can claim the reduced ($2000, not $4000) Tuition and Fees Deduction (TFD). 

TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification