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.
Generally, for the Pell grant to retain its tax-free status, you must be a degree candidate at the college and only use the funds to pay for tuition, fees, books, supplies and equipment. However, if you use the funds to pay your room and board or even school-rela...
Find additional student loan interest deduction criteria. What is considered a qualified education expense? Although key education expenses like tuition and fees are no longer tax deductible, you might be able to claim a credit by using the American Opportunity Credit or the Lifetime Learning Credit...
• Adjustments to income are only for: educator expenses; deduction for an IRA contribution; student loan interest deduction; and tuition fees deduction. • Does not itemize deductions. • Taxes are only from: the Tax Table or Alternative Minimum Tax; advance earned income credit (EIC) ...
With a 529 plan, you can stack up the books, not the debt. No matter how old your child is, it might be time to consider a qualified tuition program (QTP), also known as a 529 plan. For many families, such a plan offers a more convenient way to save mone