You may be able to deduct qualified tuition and related expenses paid during the year for yourself, your spouse, or a dependent. You cannot claim this deduction if your filing status is married filing separately or if another person is entitled to claim an exemption for you as a dependent on his or her tax return. The tuition and expenses must be for higher education. This deduction can reduce the amount of your taxable income by up to $4,000. This deduction is taken as an adjustment to income even if you do not itemize deductions, and may be beneficial to taxpayers who cannot take either of the education credits (the Hope Credit and the Lifetime Learning Credit) because their income is too high.

Tax credits and deductions are different: a tax credit directly reduces the amount of income tax you may have to pay, while a deduction reduces the amount of income subject to tax.

The information contained in this section is from IRS Publication 970: Tax Credits for Education. PNC and Villanova University do not provide tax advice and makes no representation or warranty as to the accuracy of the information. Please consult your tax advisor for tax advice matters contained in this section.

For more information, visit www.irs.gov or call 1-800-829-1040.