Tax Benefits
What’s taxable on your FAFSA®?
Some portions of your FAFSA®, such as work-study programs, may be taxable and some are not, such as student loans....
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Posts
To help offset tuition costs, the government allows you to take advantage of tax credits, which reduce the overall amount of your income tax. These are the American Opportunity Credit, which allows you to claim up to $2,500 per year for the first four years of college, and the Lifetime Learning Credit, which lets you claim up to $2,000 per year for tuition and fees as well as any books, equipment, and other supplies.
Tax Benefits
Gift Tax Exclusion For Tuition
While financial gifts exchanged between people are subject to a federal gift tax, the IRS does make an exclusion in...
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