Education

Qualified educational expenses would include tuition and required fees, but would not include room and board, insurance, transportation or other personal living or family expenses, medical expenses, supplies or equipment.
The credits are subject to income limitations. The credits are not available for married filing separate returns. Both credits are claimed on IRS Form 8863.
The American Opportunity and Lifetime Learning credits are two federal credits available for qualifying higher education expenses paid to eligible educational institutions.
There may also be similar state credits or deductions available. Generally, the American Opportunity credit is available for the qualified expenses for the first 4 years of post-secondary education leading to a degree.
The Lifetime Learning credit is available for both degree and non-degree courses. This includes undergraduate courses not claimed as a American Opportunity credit, graduate studies, and students acquiring or improving their job skills.

The costs are deductible if they: enhance the skills required in your current position is not a minimum job requirement; or do not qualify you for a new business career. The courses must be related to your current job responsibilities.

Generally, the cost of ordinary and necessary expenses paid for employee education and training are deductible.
Business owners can deduct costs of education to maintain and improve skills required in their trade or business.
If you are self-employed you will claim the deduction on Schedule C.
If you are an employee you will claim the deduction on Schedule A as a miscellaneous expense subject to the 2% limitation.

No. The costs of courses preparing you for a new job or profession are not deductible. Law school or Law Review course costs are not deductible because they are leading to a new profession.

The costs of courses preparing you for a new job or profession are not deductible.

There are currently educational credits available for the costs of tuition, fees and books , such as the American Opportunity and Lifetime Learning Credit which can be used to offset the cost of sending your child to college. There are many factors which determine whether any of these credits are available to you. Also, some states have special programs to aid parents with college costs.

There is currently no provision in the code which allows for distributions from any IRA to pay for college education without incurring severe tax ramifications. We recommend that you consider distributions from your IRA to pay for college costs as your last choice. Explore other options first.