Qualified Education Deduction

Deductions for Education Purpose under US Tax Laws

education deductionInternal Revenue Code provides deductions of an amount spent or used for education , This  deduction is specially beneficial if you are not  qualified for the American opportunity or lifetime learning credits. Education deduction is for basically three purposes as under following heads

  • Deduction for tuition & fees related to education
  • Interest on student loan
  • Work related education expense

Before I proceed , please note that deduction for education is totally different from education tax credit. While the deduction for education purpose reduces your taxable income, education tax credit reduced your final tax payments.Read More »Deductions for Education Purpose under US Tax Laws