Qualifying taxpayers can deduct up to $4,000 of college expenses if their adjusted gross income is under $65,000 on a single return or $130,000 on a joint return. This break is available whether or not you itemize deductions, but is not available on the return of a student who is claimed as a dependent on his or her parent’s return. . A write-off of up to $2,000 will be allowed for qualifying taxpayers whose AGI falls between $65,000 and $80,000 on a single return, and between $130,000 and $160,000 on a joint return. You cannot claim the deduction in the same year you claim an American Opportunity or Lifetime Learning credit for the same student. But because the income phase-out range for this deduction is higher than for the Lifetime Learning credit, some taxpayers whose income is too high to benefit from the Lifetime Learning credit will benefit from this write-off.