Can I deduct my study costs as a student on my taxes?
October 6, 2022 | 40,00 EUR | answered by Dietrich Hohenadel
Dear tax advisor,
I am Renate Kohlstein and I am currently in the fifth semester of studying Business Administration at the University. Lately, I have been increasingly concerned with the topic of taxes and I am wondering if I can deduct my study costs from taxes. I have heard that under certain conditions, it is possible to deduct the costs of my studies from taxes, but I am unsure if this is possible in my case.
Currently, I am mostly covering the costs of my studies myself, as I do not receive any support from my parents. This financial burden of financing my studies is weighing heavily on me, and I am wondering if there are ways to at least deduct a part of the costs from taxes to alleviate this financial strain.
My main concern is that I do not know which costs are exactly deductible from taxes and if I can provide all the necessary evidence. I do not want to make any mistakes and risk having to pay back taxes in the end.
Therefore, I would like to know from you if and to what extent I, as a student, can deduct my study costs from taxes. Are there specific conditions that I must meet in order to benefit from this tax advantage? What documents do I need to submit and which costs exactly can I deduct? Are there possibly other ways to reduce my financial burden from studying?
I thank you in advance for your support and advice.
Best regards,
Renate Kohlstein
Dear Mrs. Kohlstein,
Thank you for your inquiry regarding the tax deductibility of your study costs. It is understandable that you are concerned about how to reduce your financial burden from studying. I am happy to provide you with detailed information on this topic.
In principle, it is possible to deduct study costs for tax purposes. However, certain conditions must be met. First of all, it is important to know that only expenses for an initial vocational training or a first degree program are deductible. Costs for a second degree program or further education, on the other hand, cannot be deducted for tax purposes.
As a student who does not receive support from parents, you may under certain circumstances be able to declare your study costs as special expenses in your tax return. It is important to note that the costs can be claimed as business expenses if they are economically related to your desired profession. This means that the expenses must be necessary in order to be able to work in your profession later on.
Deductible costs include, for example, tuition fees, academic literature, work materials, transportation costs to the university, as well as costs for a home office or computer used for studying. Additional meal expenses during a study internship can also be deducted for tax purposes.
To claim the costs for tax purposes, you must submit the corresponding receipts and proof. These include payment receipts, bank statements, enrollment certificates, and proof of matriculation. It is important to document all costs precisely to avoid possible inquiries from the tax office.
It is advisable to consult with a tax advisor or the tax office beforehand to ensure that you meet all requirements and do not make any mistakes in your tax return. A tax advisor can also inform you about any other possible ways to reduce your financial burden from studying, such as scholarships or funding programs.
I hope that this information has been helpful to you. If you have any further questions, please do not hesitate to contact me.
Best regards,
Dietrich Hohenadel
Tax Advisor
