Certain qualified education expenses paid during the year can be deducted. A maximum annual credit of $2,500 is available per eligible student for tuition, fees and other necessary costs. To receive the tax benefit you must have paid for qualified education expenses for a college student (yourself, a dependent or a spouse). To claim the credit your modified adjusted gross income (MAGI) must be $80,000 or less ($160,000 or less for married filing jointly). You receive a reduced amount of the credit if your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married filing jointly). You don’t qualify for the deduction if your MAGI is over $90,000 ($180,000 for joint filers) or if you and your spouse are filing separate taxes. If your MAGI is over the threshold, it is possible for your student to claim the credit if proper planning is done.