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SMIB
February 23, 2020
Question

TT says I've reached the 10K limit on deductions. Would this include 1098-T tuition statements?

  • February 23, 2020
  • 1 reply
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1 reply

Hal_Al
Hal_Al
Employee
February 23, 2020

No.

The 10K limit is  only for state and local taxes (SALT) including real estate/property tax. You are still allowed all you other itemized seductions (charity, medical, mortgage interest, etc.)

 

But, education is not an itemized deduction. You are allowed a separate ("above the line") deduction, or better yet, an actual tax credit, for educational expenses (your 1098-T). 

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