A Guide to the Key Tax Benefits That Help Lower Your College Costs
An easy-to-read guide covering the tax deductions and credits offered by the IRS to help lower the cost of a college education. This comprehensive guide includes the Hope Scholarship, Lifetime Learning Credit, and student loan interest deduction. It also looks at which costs are not deductible and how the rules apply to parents with multiple children in college at one time.
Tuition and fees paid to an eligible institution on behalf of yourself, your spouse, or a dependent may be deductible on your Federal income tax return. This article contains an overview of who is eligible for the Tuition and Fees Deduction, as well as which expenses qualify.
An overview of the basic rules regarding the Lifetime Learning Tax Credit, which is available during a student's first two years of college.
An overview of the basic rules regarding the Hope Scholarship Tax Credit, which is available during a student's first two years of college.
Overview and rules for the Student Loan Interest Tax Deduction. Includes an in-depth review of who may claim the deduction, the income limitations for eligibility, and links to the relevant IRS Publications.
A guide to understanding the annual gift tax exclusion limit often used by parents and grandparents to transfer wealth to their children. The article includes an overview of college planning applications for the exclusion.
A list of links to important IRS publications and guides concerning deductions and tax credits for college expenses.
