- You probably never thought of these as Qualifying Medical Expenses - February 3, 2021
- Who is Eligible for a Stimulus Check? - December 30, 2020
- It’s Not There Yet… But the New COVID Relief Could Mean to You - December 23, 2020
Normally, you can take either a tax credit or actually expense up to $4,000 of tuition for undergraduate studies. However, you may also be able to claim a medical expense deduction for part or all of the tuition as well for your dependents.
If the school allocates a portion of the cost for health insurance services, you can claim this portion as part of your medical expense deduction. The school would either have to provide a breakdown or it has to be “readily ascertainable” such as a separate bill for these services.
Furthermore, if the child attends a special school for learning disability or other disability (For example, if the child is hearing impaired and requires special instruction.) the parents may be able to treat the entire tuition cost as a medical expense.
Just something to think about.
All content on this site is the property of Taxbot, LLC, The Profit Junkie Podcast, or the author. You may link to any article that you wish, or share via the social media buttons below. However, please do not copy articles or images for use on other sites without express written permission.