Tuition & Fees Deductions: Can You Still Get A Tax Break In 2022?

The cost of going to study at college in the United States seems to be getting pricier with each year that passes, with the average amount paid for tuition, fees, room and board for an in-state student in the 2021-22 school year being 27,650 dollars, compared to 15,180 dollars back in 2016.

However, there are ways of bringing this money down, as you can enjoy some tax breaks to help offset the cost of college.

One of the more common options that students go down is the American Opportunity Tax Credit (AOTC), which was set to expire a few years ago but has been kept in place thanks to the Congressional budget deal.

The AOTC can be claimed for four years of post-secondary education, but there are some requirements in order to determine who is eligible.

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Source: Marca