#1
13th May 2016, 05:40 PM
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Deduction of MBA Tuition
hii sir, I wants to know is MBA Tuition Fees is helpful in the TAX deduction please give me the detail information about this ?
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#2
13th May 2016, 05:44 PM
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Re: Deduction of MBA Tuition
yes, the MBA Tuition cost is Tax Deductible here I am sharing some information about the Tax Deduction of the MBA Tuition cost Qualified tuition costs can be used to compute tuition tax credits. A tax credit is a direct reduction of tax liability. Qualified tuition costs can be used to compute tuition tax credits. A tax credit is a direct reduction of tax liability. – Qualified MBA tuition costs may be deductible from your personal income taxes as unreimbursed costs on form 1040 Schedule A Line 23. A tax deduction reduces taxable income. American Opportunity Tax Credit – Max credit is $2,500 per student for the first student and 25% of the next $2,000 for each additional student Lifetime Learning Credit – For graduate school and professional degrees – Up to 20% of the first $10,000 in qualified costs or $2,000 for more details you may consider the below attachment that is free to download |
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