However, the amount on Form 1098-T might be different from the amount you actually paid and are deemed to have paid. In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2023. When figuring an education credit, 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. The amount you can deduct for miles driven from July 1, 2022, through December 31, 2022, is 62.5 cents a mile. 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, 2022, through June 30, 2022, is 58.5 cents a mile. See chapter 9.īusiness deduction for work-related education. You can't exclude any of the interest if your MAGI is $100,800 or more ($158,650 or more if you file a joint return). For 2022, the amount of your education savings bond interest exclusion is gradually reduced (phased out) if your MAGI is between $85,800 and $100,800 ($128,650 and $158,650 if you file a joint return). See chapter 4.Įducation savings bond program. ![]() You can’t claim the deduction if your MAGI is $85,000 or more ($175,000 or more if you file a joint return). For 2022, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $70,000 and $85,000 ($145,000 and $175,000 if you file a joint return).
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