Watch this video to learn about the top college tax deductions and credits for students and parents. These are six of the most common deductions and credits that eligible students and their parents can use to increase tax savings at the end of the year.
What college expenses are tax deductible for parents? Parents can deduct certain college expenses on their taxes, like tuition, fees, and sometimes interest on student loans. You might also be eligible for education credits like the American Opportunity Credit or Lifetime Learning Credit. Learn ...
SummaryCongress has liberalized education tax benefits for 2009, especially with the American Opportunity Credit. Taxpayers who may not have qualified in the past may now be eligible for some of these benefits. High-income taxpayers may find they can shift benefits to dependent students with taxable...
For dependent students filing taxes for the first time, it’s easy to overlook checking the “dependent” box — and if they don’t, they can’t be claimed on their parents’ tax forms without the long and arduous task of amending the return merely for failure to check a box. “Colleg...
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Many parents and grandparents set up college savings plans, to save money for college. You may also be eligible for tax credits, like the American Opportunity Tax Credit. Student jobs and tuition assistance programs can also help pay for college. So… sit back, relax and spend some time to...
In addition, once the annual gift has been made to the Coverdell ESA, the money is no longer considered part of the parents' or grandparents' estate for estate tax purposes. More investment options. Coverdell ESAs also have a wider range of investment types that are eligible to be ...
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It may be hard for students to ask their parents financial questions "because money is tough to talk about," Janssen says. However, there are other resources or tools available to students. While on campus, students can visit their school's financial wellness office or financial aid office....
12 credit sean locke | istockphoto view as article presents for parents the holiday season has arrived, which means the time to purchase gifts for loved ones is dwindling. if you're struggling to find the perfect present for your parents, take a look at our list of 10 great gift ideas....