Education credits

For 2004, education credits are determined by the amount of your modified adjusted gross income and the amount you pay for qualified tuition and related student expenses for you, your spouse, or a dependent you claim on your tax return. The maximum tuition and fees deduction has increased from $3,000 to $4,000. These tips are provided to give you general information about your taxes. If you have specific questions, please consult a tax advisor or call the toll free number for Federal Tax Information and Assistance at 1-800-829-1040.