What are qualified higher education expenses?
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. 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, 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.
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?
