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Can I deduct my college education expenses?
You might qualify to deduct your tuition and related expenses. They must have been paid by you or your spouse. Your deduction is limited to:
You usually can't claim the higher education expense deduction if any of these apply:
You might also qualify for an education credit for your expenses. The American Opportunity Credit and the Lifetime Learning Credit are available in 2014. You must choose between the credits -- you can't claim both.
You apply part of your qualifying educational expenses against the taxes you owe. If you qualify, a part of the American Opportunity Credit might be refundable. So, you'd get that portion of the credit as a refund if you don't owe any taxes.