Schedule 1
The deductions for these tuition costs and fees are reported on Schedule 1 of Form 1040. You’ll also use Form 8917 to detail and calculate your deduction. You can claim tuition and fees deductions and itemize your taxes, or you can claim the tuition and fees deductions and take the standard deduction.
Can you use tuition as a tax deduction?
Yes, you can reduce your taxable income by up to $4,000. Some college tuition and fees are deductible on your 2020 tax return. The deduction is worth either $4,000 or $2,000, depending on your income and filing status.
Where does the tuition and Fees deduction go on a 1040?
The tuition and fees deduction flows to Form 1040, line 34 in Drake17 and prior, and Form 1040, Schedule 1, line 34 in Drake18. The Tuition and Fees deduction was extended for tax years 2018, 2019, and 2020 on December 20, 2019.
Where do I Report tuition and fees on my tax return?
The deductions for these tuition costs and fees are reported on Schedule 1 of Form 1040. You’ll also use Form 8917 to detail and calculate your deduction. Another impact of the TCJA was that the IRS redesigned Form 1040. 3 These adjustments to income are particularly advantageous, because you don’t have to itemize to claim them.
Do you have to file a separate tax form for tuition and fees?
File a separate Form 8917 for each year after 2017 for which you qualify to take the deduction. You can’t take both an education credit from Form 8863 and the tuition and fees deduction from this form for the same student for the same tax year. Before you begin: To see if you qualify for this deduction, see
When to use form 8917 tuition and Fees deduction?
Use Form 8917 (Rev. January 2020) and these instructions for years after 2017, unless a newer revision is issued indicating it is succeeding this revision. Periodic updating. Form 8917 will no longer be updated annually. Instead, it will only be updated when necessary. For previous years, use the applicable Form 8917 for that year. Example 1.
