What school supplies can you deduct

If more than one student dependent qualifies for a credit in the same year, you can claim a different credit for each student.

Utilize the eFile. To figure the total tax credit or tax deduction amount for an eligible student, you may be able to include qualified expenses, such as tuition, fees, books, supplies, and other required course materials, but not room and board.

These credits are subject to income limitations, so your amount may be reduced or eliminated based on your adjusted gross income , or AGI. When you prepare your return on eFile. For returns, we will update this page as soon as the IRS releases information.

The eFile. To claim the deduction on your , , and Returns, you will need to file an amendment. This also includes the one-time "loan origination fee" charged by your lender. The Student Loan Interest Deduction is an above-the-line deduction, which means that you do not need to itemize deductions in order to claim it. Above the line deductions reduce your taxable income and ultimately lowers your adjusted gross income.

To qualify for the deduction, the student loan on which you paid interest must be a commercial loan taken out exclusively for the purposes of paying for education. The loan may only apply to a student who is enrolled at least half-time in a degree program.

The student must be you, your spouse, or your dependent. Read more about the home office deduction. If you are a qualifying educator, you can claim this deduction whether you choose to itemize or take the standard deduction. TaxSlayer makes it easy and affordable to e-file your taxes, so you get the maximum refund every year. Start filing for free today. Who can claim the Educator Expense Deduction? You are eligible for the Educator Expense Deduction if you meet the following criteria: You are a teacher, instructor, counselor, principal, or aide You work in a public or private elementary or secondary school grades K You complete hours of work during the school year The following educators cannot qualify for the Educator Expense Deduction: Homeschoolers College and graduate-level instructors Pre-school teachers and aides How much can you deduct for classroom expenses?

Some education expenses are tax deductible or may allow you to claim a tax credit. Additionally, tuition and fees still count as qualified education expenses for the American Opportunity and Lifetime Learning credits.

College is an expensive endeavor. Luckily, some educational expenses can be used to claim a tax credit or deduction. Know which expenses count and what documentation you need to keep to maximize your tax deductions and credits.

Have other student tax filing questions? Be sure to visit our Tax Guide for College Students and find out about student forms that can be filed for free.

Check out the list below. At the K level, you're out of luck. Neither home schooling nor private school gets you any sort of tax break at the time of this publication. The American Opportunity and Lifetime Learning credits allow you to deduct qualified education expenses from your tax bill, rather than your taxable income. Lifetime Learning only allows you to deduct supplies if buying them from the university is a condition of enrollment.

American Opportunity allows you to write off books, equipment and supplies you need for school, no matter where you buy them.