College and Education Tax Tips

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What Is the American Opportunity Tax Credit?
The American opportunity credit allows taxpaying students or their parents the opportunity to reduce the cost of attending college. The credit typically offers greater tax savings than a tuition deduction since it reduces the tax you owe on a dollar-for-dollar basis rather than just reducing the amount of income subject to tax. However, there are several requirements for eligibility. Read more…

What Is the Lifetime Learning Tax Credit?
With the rising cost of higher education, many taxpayers wonder how they can offset some of their school expenses. One option is to claim the Lifetime Learning credit on your federal income tax return. This credit reduces your tax bill on a dollar-for-dollar basis for a portion of the tuition, fees and other qualifying expenses you pay for yourself, a spouse or a dependent to enroll in school. Read more…

Tax Tips for Teachers: Deducting Out-of-Pocket Classroom Expenses
When it comes to making sure students have the tools for successful learning, school teachers commonly dip into their own pockets to pay for classroom materials. Fortunately, the Educator Expense Tax Deduction can offer teachers some financial relief. Read more…

Sending Kids to College
TurboTax can help you take advantage of tax breaks to ease the financial burden of sending kids to college, including tax credits, tuition deductions, tax-free savings and more. Read more…

Bigger, Better College Tax Credit
The American Opportunity tax credit, which replaced the Hope Scholarship credit in 2009, covers more years of college and offers bigger, better benefits to more taxpaying students or their families. Here's how the American Opportunity tax credit and Lifetime Learning credit, another helpful education tax credit, can help offset the rising cost of attending college. Read more…


More College and Education Articles

What Is IRS Form 8917? What is Form 1098-E: Student Loan Interest Statement? Taxes for Grads: Do Scholarships Count as Taxable Income? Deduction for Higher Education 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 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 Tax Tips for New College Graduates Do You Have to Claim Pell Grant Money on Your Taxes? Video: Tax Tips for Teachers 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 What Is the IRS Form 8863?

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