Are College Room And Board Fees Tax Deductible

Those are the taxes you file in 2020 new deadline.

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. But don t discard these payment records tuition and fees fall under what s considered a qualified education expense for certain credits. 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.

The tuition and fees deduction allows you to deduct up to 4 000 in qualified 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. This means that most costs associated with a dorm room including room. For tax years after 2017 however the provision that allowed you to directly deduct these items has expired.

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. The loss of this deduction also highlights how useful a 529 college savings plancan be for saving money on college expenses. You could ve claimed deductions on your 2017 taxes worth up to 4 000.