As the proud parent of one child attending a frightfully overpriced undergrad institution, I am eyeing the "Tuition and fees deduction" on line 34 of my 1040, as established by completing form 8917. My son's tuition, fees and expenses is paid through the following items: (i) some financial aid (ii) student loan, (iii) Texas Tomorrow Fund (a pre- paid tuition plan), and (iv) my hard earned money. When I review form
8917 I establishes that room and board is not a "qualified education expense". My son's college lumps all the tuition/fees and the room and board together, and once the dough from items (i) through (iii) has been applied, I get a bill for the rest. The point is, there is no way to "know" whether my out-of-pocket expense (my payment to the school) have gone to pay "qualified education expenses" or room and board. Has Congress given me, in the line 34 deduction, yet another impractical, and ultimately, useless deduction?- posted
16 years ago