Tax Writeoffs for Grad School?

I just filed my taxes online with TurboTax, and I got the Lifetime Learning credit (for grad tuition expenses) which was worth $600. I paid about $110 to file both federal and state returns (more expensive because both my wife and I have self employment income).

 

This is why I love this forum!!

I had a question about tax deductions and education THIS MORNING, and was planning on posting a thread about it. Thanks to the links provided (particularly that link to the IRS document), it has completely answered my question.

 

After reading the IRS publication that MC pointed me to, it appears that the Lifetime Learning Credit is good for 20% of the first $10,000 you spend on education each year. So that's a maximum benefit of $2K per year. Hmm, not bad.

 

Go to H&R Block. They always deduct my educational expenses.

Abner