Several tax benefits are available to help families meet the cost of postsecondary education. These tax benefits are intended to help students and their parents fulfill a variety of education objectives.
You may be able to deduct qualified tuition and related expenses paid during the year for yourself, your spouse, or a dependent. You cannot claim this deduction if your filing status is married filing separately or if another person is entitled to claim an exemption for you as a dependent on his or her tax return. The tuition and expenses must be for higher education. This deduction can reduce the amount of your taxable income by up to $4,000. This deduction is taken as an adjustment to income even if you do not itemize deductions.
Generally, student loan interest is interest you paid during the year on a loan (such as a Federal Stafford or PLUS Loan) you borrowed to pay qualified higher education expenses. For more information on these tax benefits for education, please contact a tax advisor, or visit Publication 970, Tax Benefits for Education.
CARNEGIE MELLON UNIVERSITY DOES NOT PROVIDE TAX ADVICE. PLEASE CONSULT YOUR TAX ADVISOR FOR TAX ADVICE ON THE MATTERS CONTAINED IN THIS WEBSITE.