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Video: Tax Planning for College Students

Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2022 • October 31, 2023 2:42 PM

OVERVIEW

There’s a few key things to know about how the ending of the student loan payment freeze can affect your taxes; plus, learn about some education tax credits many people aren’t aware of.

TABLE OF CONTENTS

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Transcript:

Tracy Byrnes: So it's that time of year. If you have kids going back to college, you're starting to buy dorm supplies and find sheets for their beds. But don't forget Uncle Sam offers a bunch of tax breaks. Lisa Greene-Lewis, TurboTax expert and CPA is with us now to talk through them.

So Lisa, first, let's start with the new legislation. What do we need to know?

Lisa Greene-Lewis: The first thing you need to know is that the freeze on paying your federal student loans is off. And starting September, you're going to start seeing interest in your account. And then you have to start making payments in October. So that's a key thing to remember because that pause was on for a couple of years due to Covid.

And then another key piece of legislation that came up on June 30 is the Supreme Court. They did block the student loan relief that was up to $10,000 for federal student loans and $20,000 for Pell grants. So that is blocked right now.

Tracy Byrnes: So just as a reminder, too, kids don't have to start paying these loans back until they finish with school, right? So there's no need to panic just yet.

Lisa Greene-Lewis: Yeah. It depends on your loan, but in some cases yes. They do allow a certain amount of time after you finish school. I think it's up to six months after you finish school because I guess they want to give your kids time to find a job and everything.

Tracy Byrnes: Right, because otherwise parents have to pay the bill. So, yeah, God bless Uncle Sam on that one. But so, check your loan. That's super important.

Let's now talk about these education credits that people often forget. American Opportunity is the first one. I think people leave these on the table a lot.

Lisa Greene-Lewis: Yeah, they do. A lot of people are unaware of them. And the American Opportunity Tax Credit -- that's for up to your first four years of college. And it's up to $2,500. And then the Lifetime Learning Credit -- that can be -- it doesn't have to be your first four years of college. It's actually after your four years. And it could be for one class. So that is one thing to remember for students as well as parents.

Tracy Byrnes: And the final thing we should talk about is who takes these credits. Is it the kids? Is it the parents? I guess it depends.

Lisa Greene-Lewis: Yes. I always recommend having a conversation about who would be eligible because these are income-based credits. And so a lot of times, parents don't even qualify. But they're claiming their child as a dependent. So their child can't claim these credits.

But if you're not getting any benefit from claiming your child because of your income, then you should have your child file their taxes, especially a lot of college students. They work side jobs. But they think they don't make enough money to file because they're not at the IRS income threshold. But they're leaving money on the table, especially if they have federal taxes taken out and they're eligible for these education tax credits.

Tracy Byrnes: Yeah, that's certainly a conversation I'm going to be having with my son, who just graduated this year. Lisa Greene-Lewis, TurboTax expert and CPA, thank you so much for all of that.

Lisa Greene-Lewis: Thank you for having me.

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What Are Education Tax Credits?What Is the American Opportunity Tax Credit?Can I Deduct My Computer for School on Taxes?Taxes for Grads: Do Scholarships Count as Taxable Income?Tuition and Fees Deduction for Higher Education

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