AK Form 8917 2019-2025

AK Form 8917: What You Should Know

Tuition and Fees Deduction? Qualified Students who are enrolled in the following: Private postsecondary education at an eligible institution Non-profit postsecondary education programs at an eligible institution Education in an independent living community for an individual who Has a modified adjusted gross income amount of not more than 127,200. (For 2018, see Tax Tips 2016: 10 Things You Can Do This New Year) Qualifying College Cost Sharing The portion of qualified education expenses that the taxpayer pays directly to the education institution. The amount is limited to 8.25% of the education expenses paid in the tax year. Qualified Education Cost Sharing does not include the following: Other qualified higher education expenses (see Tuition and Fees Deduction For Tuition and Fees Paid in a Different Tax Year) Maintaining a room in a residence, or paying for room and board expenses while maintaining a room in, or paying for an additional room in, a residence. Tuition and Fees Deduction — How To Use It You can claim this deduction on Schedule A. You can claim the tuition and fees deduction on line 30 of the Form 8917 You can claim it every year (or part of the year) on the current amended return. You'll owe income tax only on the tax year of the qualified higher education expenses that you actually paid. The amount of the tax credit that you receive will be the difference between the amount that you paid to your education institution and the amount that you were actually entitled to receive. Who Qualifies for a Tuition and Fees Deduction? You must be a student enrolled in an eligible institution of higher education who has a modified adjusted gross income of 127,200 in 2018. The modified adjusted gross income amount for 2025 is calculated using the following formula: Modified Adjusted Gross Income (MAGI) = Less than or equal to 127,200 (1-35%) If your MAGI is more than 127,200, use Form 8917 for a Tuition and Fees Deduction instead of Form 1040. For more information on the MAGI formula, see Tuition, Fees and Books and Supplies for College. Your education expenses for 2025 are 6,500. If you took no courses during the tax year and would have qualified for the Tuition and Fees Deduction on your return if you had taken the same number of courses, the education expenses would have resulted in a 10,000 qualified higher education expense.

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