I pay about $25,000 a year in education costs for graduate education. Should I take the credit or the deduction?

Lifetime Learning Credit or tuition and expenses deduction? Do I need to itemize to take the deduction? My income is about $28K and I have one dependent elder I claim.

Best Answer:

Wayne Z: Lifetime Learning Credit.

Possible Tax benefit = $10,000 x 20% = $2000

Education Deduction:

Possible Tax benefit = $4000 x 15% = $600

$2000 > $600

Take the credit.

Other answer:

Wayne Z:
Probably the credit will give you more if you're eligible for it- figure it both ways to be sure. The dedduction is limited to 4000 max.
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Ricki:
Do it both ways and see which way gets you a bigger refund.
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