In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2022. When figuring an education credit or tuition and fees deduction, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. See chapter 11.įorm 1098-T, Tuition Statement. Generally, if you claim a business deduction for work-related education and you drive your car to and from school, the amount you can deduct for miles driven from January 1, 2021, through December 31, 2021, is 56 cents a mile. See chapter 9.īusiness deduction for work-related education. You can't exclude any of the interest if your MAGI is $98,200 or more ($154,800 or more if you file a joint return). For 2021, the amount of your education savings bond interest exclusion is gradually reduced (phased out) if your MAGI is between $83,200 and $98,200 ($124,800 and $154,800 if you file a joint return). We removed former chapter 6 and renumbered chapters 7 through 13 for this revision.Įducation savings bond program. Income limitations for the lifetime learning credit were increased to help filers transition to the lifetime learning credit.
The Taxpayer Certainty and Disaster Tax Relief Act of 2020 repealed the tuition and fees deduction for tax years beginning after 2020. The American Rescue Plan Act of 2021 modified the treatment of student loan forgiveness for discharges in 2021 through 2025. You can’t deduct as interest on a student loan any interest paid by your employer after March 27, 2000, and before January 1, 2026, under an educational assistance program.
0 kommentar(er)
