By now, it is no secret that my wife is a RN. I swear that my wife and her fellow nurses are always in school. Thank God that I'm not a jealous husband because I would think my wife is having an affair with her college degrees. My wife has three college degrees and she wants to get more degrees! I have two college degrees but feel lazy around her. This throwback post will discuss some federal education tax deductions and credits. Knowledge is power! The post was called:

Using Tax Deductions and Credits to Help Fund Your Nursing Education

I swear I wish that my gift to the world was for caring for others. Look at just some of the many opportunities within the nursing field. The sky is really the limit. It is quite possible that you will be in school for the majority of your professional life. Lets not even mention about continuing education costs. Wouldn't it be great for Uncle Sam to help you out with some of your educational expenses? Well good news, Uncle Sam is kind enough to help out a little. In my world, a little is better than nothing!

Here is the good and bad news about education tax deductions and credits:

The Lifetime Learning Credit

Good news: The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate and professional degree courses--including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.

Bad news: To claim the full credit, your MAGI, modified adjusted gross income must be $52,000 or less ($104,000 or less for married filing jointly). If your MAGI is over $52,000 but less than $62,000 (over $104,000 but less than $124,000 for married filing jointly), you receive a reduced amount of the credit. If your MAGI is over $62,000 ($124,000 for joint filers), you cannot claim the credit.

I recommend to click the link below and read my throwback post if you want to feel inspire to go back to school and it a tax deduction or credit: