What Tax Deductions Are Available to Students?


Quick Answer

Higher-education students can deduct up to $4,000 a year for tuition and other qualified expenses, according to the Internal Revenue Service. Students who file as single taxpayers also can deduct up to $2,500 a year in student-loan interest if their adjusted gross incomes are less than $75,000, as of 2015.

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Full Answer

Student-activity fees and classroom equipment charges qualify for the deduction if the school requires the fees. Students can’t claim the tuition deduction if their parents claim them as dependents. Employees who take continuing education classes can deduct the cost if their employers or the government require the classes. Taxpayers who take advantage of this deduction must already meet the job’s minimum educational requirements, as the IRS explains.

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