College and Education Tax Tips

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Guide to Tax Form 1098-T: Tuition Statement
Eligible colleges or other post-secondary institutions must send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. Qualified expenses include tuition, any fees that are required for enrollment, and course materials required for a student to be enrolled at or attend an eligible educational institution. Read more…

Video: What Is a 529 Plan Contribution?
A 529 plan contribution is a way to save some money on taxes through contributions to an account that can be used for education expenses. Get the facts on a 529 plan contribution with help from TurboTax in this video on tax tips. Read more…

Taxes for Grads: Do Scholarships Count as Taxable Income?
Heading off to college to broaden your horizons is exciting, but funding your education via scholarships? That's even better. Scholarships often provide a path to education that might not be feasible otherwise, which is why the Internal Revenue Service (IRS) can be generous in minimizing students' tax obligations. But sometimes scholarship money does count as income, and it’s better to find out now if your scholarship adds to your tax liability than to have a surprise later. Here’s how to decode your scholarship taxation. Read more…

Are College Entrance Exams Tax Deductible?
The fees for taking SAT, ACT and other college entrance exams are not tax-deductible, but the federal government does allow a number of educational deductions and tax credits. Find out more about these educational deductions and credits and how they can benefit you. Read more…

What Is the IRS Form 8863?
If you plan on claiming one of the IRS educational tax credits, be sure to fill out a Form 8863 and attach it to your tax return. These credits can provide a dollar-for-dollar reduction in the amount of tax you owe at the end of the year for the costs you incur to attend school. Before preparing the form, however, make sure that you satisfy the requirements of an eligible student. Read more…


More College and Education Articles

Are Contributions to Nonprofit Schools Tax Deductible? Do You Have to Claim Pell Grant Money on Your Taxes? Sending Kids to College What is Form 1098-E: Student Loan Interest Statement? How to Calculate Your Lifetime Learning Tax Credit on IRS Form 8863 Video: What Educational Expenses Are Tax Deductible? What is the Educator Expense Tax Deduction? Information on 529 Plans Tax Tips When Sending Kids to Private or Public Schools Tax Deductions for Voluntary Interest Payments on Student Loans Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses Tax Tips for New College Graduates Are Contributions to School District Programs Tax Deductible? Can I Deduct My Computer for School on Taxes? Learn About the New College Tax Credit Cash for College: Tax-Free 529 Plans Video: Tax Tips for Students Bigger, Better College Tax Credit What Is IRS Form 8917? What Is the American Opportunity Tax Credit? About Student Loans and Tax Credits Deduction for Higher Education What is IRS Form 1099-Q? What Are Education Tax Credits? What Is the Lifetime Learning Tax Credit? Video: What Is the Lifetime Learning Tax Credit? The Lowdown on Education Tax Breaks Take Advantage of Two Education Tax Credits Video: Tax Tips for Teachers How to Report FAFSA College Money on a Federal Tax Return Guide to IRS Form 1099-Q: Payments from Qualified Education Programs Video: Guide to IRS Form 1098-T Tuition Statement What is a 1098-E: Student Loan Interest Video: Top College Tax Deductions and Credits

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