This education tax credits and deductions overview has been updated for 2023-2024 tax years, to reflect reader needs in regards to completion or return to education. With many readers of this site currently in or planning to return to education for further studies in 2024 or later years, I have compiled an updated list of education tax credits and deductions in 2023 as they complete their tax returns or look ahead to 2024 returns completing them and looking ahead. Several noteworthy changes were brought about through new legislation; The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed tuition/fee deduction starting 2021 in exchange for increased income limitations under Lifetime Learning Credit eligibility limits – another change made possible by new legislation; The Taxpayer Certainty and Disaster Tax Relief Act of 2020 abolished tuition/fee deduction effective tax years 2021 onward.
Mrs. 20SF decided to return to school recently in order to complete an accelerated nursing degree program without government or other assistance, choosing community college instead of state university as her provider of choice. Even so, it was an expensive endeavour.
At that time, I researched all available education tax credits and deductions and provided a summary here to assist others. As the years progressed, changes occurred with some deductions/credits being extended with congressional budget agreements while others fell away; but good news: for anyone paying school-related costs – whether themselves or others – many still exist in 2023-2024 and will be discussed further below.
+ There are no comments
Add yours