What are qualified higher education expenses?
Qualified Higher Education Expenses include tuition, fees, books, supplies and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution. Qualified expenses also include expenses for special needs services in the case of a special needs beneficiary who incurs such expenses in connection with enrollment or attendance at an eligible educational institution. Also included as a qualified higher education expense is an amount for the room and board a student incurs while attending an institution at least half-time.
Qualified expenses include tuition, fees, books, supplies and equipment that are required for enrollment or attendance of the designated beneficiary at an eligible educational institution. If the student’s enrollment qualifies as at least half time, room and board expenses are also qualified expenses up to a specified level.
A. Qualified higher education expenses are tuition, fees, books, supplies and equipment required for enrollment at an eligible educational institution. Room and board expenses are limited to the current allowance for room and boarddetermined by the eligible educational institution for federal financial aid purposes, or actual invoice amount charged by the institution to the beneficiary, if greater.
Qualified higher education expenses include tuition, mandatory fees, books, supplies, and equipment required for enrollment or attendance. Room and board expenses are also eligible for students enrolled half-time or more based on the current allowance for room and board determined by the eligible educational institution for federal financial aid purposes, or actual invoice amount charged by the institution to the beneficiary, if greater. In addition, qualified higher education expenses also include expenses of a special needs beneficiary that are necessary in connection with his or her enrollment or attendance at an eligible educational institution. However, all qualified higher education expenses are reduced to the extent that such expenses are taken into account in claiming the Hope Scholarship Credit or Lifetime Learning credit. For more information please reference IRS Publication 970 (www.irs.gov/publications/p970/ch08.html).
Related Questions
- I paid my qualified tuition and related expenses with student loans. Can I still claim a Hope or Lifetime Learning Tax Credit or the Higher Education Tuition and Fees Deduction?
- When can an individual first make a withdrawal from an IRA to pay for qualified higher education expenses without paying the 10 percent early withdrawal tax?
- What are qualified higher education expenses for my student loan?
