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7 Μαΐ 2021 · Information about Form 8917, Tuition and Fees Deduction, including recent updates, related forms and instructions on how to file. Form 8917 is used to figure and take the deduction for tuition and fees expenses paid in this tax year.
Form 8917 lets you claim a modest tax deduction for qualified education expenses. Let's break down who can use form 8917 and how to fill it out.
Use this form for qualified tuition and fees paid in 2018, 2019, or 2020, and later years if legislation extends the deduction ! (see instructions). File a separate Form 8917 for each year after 2017 for which you qualify to take the deduction.
5 Μαρ 2024 · Before you file your tax return, the school will send you a Form 1098-T to report your annual tuition and fee payments. This is the only amount you can include on Form 8917 since the IRS doesn’t allow you to deduct the cost of books, room and board or any other expense.
IRS: Instructions for Form 8917 - Tuition and Fees Deduction. IRS: Publication 970 - Tax Benefits for Education. Education Credits - Form 1098-T. The Tuition and Fees Deduction has been suspended for tax years after 2020. The information below applies to tax years 2020 and prior....
Form 8917 is a tax deduction, which lowers you taxable income depending on which tax bracket you belong to. This option is often more helpful for high-income households because it lowers the amount of money that can be taxed at a higher rate. Form 8863 is a tax credit, which gives you a dollar-for-dollar reduction on your income tax.
12 Οκτ 2023 · Form 8917 is an Internal Revenue Service (IRS) tax form that accompanies Form 1040 and is used to claim the tuition and fees deduction. The deduction is available for qualified tuition and fees that were paid in the calendar years of 2018, 2019, and 2020.
