If So, What Is The Amount?
A: -Income tax deduction? No, not really. Educational expenses are only deductible if they maintain present skills for present employment. Education that qualifies you for another job is not deductible. -Although there are no tax deductions for tuition payments for individuals, there is a new "HOPE" tax credit and "Lifetime learning" tax credit. -Starting this year there are three different ways to deduct education expenses; among them the Hope credit and the "lifelong learning credit". There are many provisions and limitations regarding them, but they could save the average taxpayer several thousand in tax liability.