Do I Make Too Much to Take Advantage of Tuition and Student Loan Tax Benefits?

Maybe max out your 401k?

Not sure if that works in this situation, wait for one of the tax guys to chime in.

Contributing more to a retirement account would work. Look at lines 23 to 33 on the 1040. Any of those will offset your income for the student tuition, lifetime learning credit and loan deductions.

The tuition one is the only one that you are likely going to reach.

Tutition Deduction: MAGI must be less than $80K
Interest Deduction: Phase out between $50 - $70K
Lifetime learning Credit: $61K

I lost all my income deductions for student loans/tuition deductions/learning credits a few years ago. Totally blows.

There is a small loophole in that your can itemize them if you meet certain tests:

You may be able to deduct work-related educational expenses paid during the year as an itemized deduction on Form 1040, Schedule A (PDF). To be deductible, your expenses must be for education that (1) maintains or improves your job skills, or (2) is required by your employer or by law to keep your salary, status or job. However, even if the education meets either of these tests, the education cannot be part of a program that will qualify you for a new trade or business, or needed to meet the minimal educational requirements of your trade or business.

What kind of graduate degree are you working towards and what do you do for work now? If the two are related you claim it as a non-reimbursed employee expense as long as you can prove it will help you with your current job and not automatically give you a promotion.

There is a 2% floor on the deduction but it sounds like you could still get some benefit.

There is case law out there that supports this for an MBA, I did it for all of my MBA tuition which was close to $60k and haven't been audited yet.

To those that have already posted - isn't the OP looking to do something about his 2012 return (e.g. after the fact)?

Quote from Dr. J : To those that have already posted - isn't the OP looking to do something about his 2012 return (e.g. after the fact)?

If that is the case and he finds something he can file an amended return.

Quote from MNGuy183 : If that is the case and he finds something he can file an amended return.

how can you pay into a 401k retroactively?

Quote from Dr. J : how can you pay into a 401k retroactively?

401k you can't but if you were to try something like the unreimbursed employee expense you could amend a return if it's already filed.

damn.... I have been putting 10% into my 401k and Im over the limit for deductions. I love how if you pay a crap load of money in taxes, you dont qualify for deductions. Im single with no mortgage so I paid out the nose this year.

Too late for 2012 401K salary deferral but if you qualify for a deductible IRA contribution this could have the same affect on lowering AGI.