College and Education Tax Tips
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What Is IRS Form 8917?
If you, your spouse or dependents attended post-secondary school, you may be able to deduct a portion of the tuition and fees by reporting it on IRS Form 8717. However, the deduction is only available through the 2017 tax year. Read more…
What is Form 1098-E: Student Loan Interest Statement?
If you paid interest on a qualified student loan, you may be able to deduct some or even all of that interest on your federal income tax return. Student loan companies use IRS Form 1098-E to report how much you paid in interest. Borrowers get a copy of this form, and so does the IRS. Read more…
Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses
School teachers commonly dip into their own pockets to pay for classroom materials. In fact, a 2013 survey by a trade group for the school supplies industry found that 99.5% of public school teachers paid at least some classroom expenses with their own money—an average of $945 apiece in the preceding school year. Teachers can find some relief in the fact that the federal tax code includes deductions to help ease that burden. 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…
Deduction for Higher Education
The Tuition and Fees Deduction expired at the end of 2017. It allowed you to deduct up to $4,000 from your income for qualifying tuition expenses paid for you, your spouse, or your dependents. Read more…
More College and Education Articles
Video: What Is a 529 Plan Contribution?
Video: What Educational Expenses Are Tax Deductible?
What is IRS Form 1099-Q?
Are College Entrance Exams Tax Deductible?
About Student Loans and Tax Credits
What Is the Lifetime Learning Tax Credit?
Information on 529 Plans
Guide to Tax Form 1098-T: Tuition Statement
What is a 1098-E: Student Loan Interest
Cash for College: Tax-Free 529 Plans
What Is the American Opportunity Tax Credit?
Tax Tips for New College Graduates
Do You Have to Claim Pell Grant Money on Your Taxes?
Video: Tax Tips for Teachers
Sending Kids to College
Tax Deductions for Voluntary Interest Payments on Student Loans
Are Contributions to Nonprofit Schools Tax Deductible?
Video: Guide to IRS Form 1098-T Tuition Statement
Video: What Is the Lifetime Learning Tax Credit?
What is the Educator Expense Tax Deduction?
Tax Tips When Sending Kids to Private or Public Schools
How to Report FAFSA College Money on a Federal Tax Return
Take Advantage of Two Education Tax Credits
What Are Education Tax Credits?
How to Calculate Your Lifetime Learning Tax Credit on IRS Form 8863
Video: Top College Tax Deductions and Credits
Guide to IRS Form 1099-Q: Payments from Qualified Education Programs
Are Contributions to School District Programs Tax Deductible?
Can I Deduct My Computer for School on Taxes?
Learn About the New College Tax Credit
The Lowdown on Education Tax Breaks
Video: Tax Tips for Students
Bigger, Better College Tax Credit
What Is the IRS Form 8863?
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