the qualified expenses must be for higher education the tuition and fees deduction can reduce the amount of your income subject to tax by up to $ 4000 generally you can claim the tuition and fees deduction if all three of the following requirements are met1 you pay qualified education expenses of higher education2he tuition and fees deduction can reduce the amount of your income subject to tax by up to $ 4000 generally you can claim the tuition and fees deduction if all three of the following requirements are met 1
The American Opportunity Tax Credit (AOTC) is one of two tax credits available to students and those who claim them as dependents. It allows eligible students to reduce what they owe in taxes by up to $2,500 a year for tuition and related expenses.
Update: Use 2009 Form 5695 to claim the Residential Energy Property credit and the Residential Energy-Efficient Property credit. For information on energy-efficient products, visit the U.S. Department of Energy's EnergyStar website; not all Energy Star products qualify for the tax incentive. The American Recovery and Reinvestment Act provides tax incentives for individuals to invest in energy-efficient products. Residential Energy Property Credit (Section 1121): ARRA increased the energy tax credit for homeowners who make energy efficient improvements to their existing homes.