Individual Income Tax Filing: Statutory Adjustments: Tuition and Fees Deduction
This dataset tracks individual income tax filing: statutory adjustments: tuition and fees deduction over time.
Latest Value
1687102.00
Year-over-Year Change
-64.18%
Date Range
1/1/2002 - 1/1/2016
Summary
The Tuition and Fees Deduction measures the statutory adjustments to individual income taxes for deductions related to qualified tuition and education expenses. This trend is important for understanding tax policy and its impact on household finances.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Tuition and Fees Deduction allows eligible taxpayers to deduct qualified education expenses from their taxable income, potentially reducing their overall tax liability. This deduction is a key element of U.S. tax policy aimed at increasing access to higher education.
Methodology
The data is collected and reported by the U.S. Internal Revenue Service based on individual income tax filings.
Historical Context
Policymakers and economists analyze this deduction to assess its effectiveness in promoting educational attainment and supporting household finances.
Key Facts
- The Tuition and Fees Deduction was first introduced in 2002.
- The maximum deduction amount is $4,000 per eligible taxpayer.
- The deduction phases out for higher-income taxpayers.
FAQs
Q: What does this economic trend measure?
A: The Tuition and Fees Deduction measures the total amount of tax deductions claimed by eligible taxpayers for qualified tuition and education expenses.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the impact of tax policy on household finances and educational attainment, as well as evaluating the effectiveness of this deduction in promoting access to higher education.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Internal Revenue Service based on individual income tax filings.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this deduction to assess its effectiveness in promoting educational attainment and supporting household finances, and to inform decisions on tax policy.
Q: Are there update delays or limitations?
A: The data may be subject to delays in reporting due to the nature of individual income tax filings, and the deduction is subject to eligibility requirements and phase-outs based on taxpayer income.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Statutory Adjustments: Tuition and Fees Deduction (TNFDDC), retrieved from FRED.