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Category: Tax Benefits

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.

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  • Tax Benefits

What is lifetime learning credit and how does it work?

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It’s no secret that higher education costs are growing each year, and student loan debt…

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  • Tax Benefits

What is an American Opportunity Tax Credit (AOTC)?

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The American Opportunity Tax Credit (AOTC) is an annual tax credit for parents to help…

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  • Tax Benefits

What’s taxable on your FAFSA®?

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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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  • Tax Benefits

Student Tax Credit Forms

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Students can get a break on their taxes by using the various programs laid out in IRS Publication 970. While…

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  • Tax Benefits

Qualifications for Student Loan Deductions

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When you’re getting ready to head back to school, there are tons of different types of financial aid available. In…

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  • Tax Benefits

What Student Loan Tax Credit Can I Claim?

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The IRS offers students two tax credits to help offset their educational expenses: the American Opportunity Tax Credit, and the…

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  • Tax Benefits

Are There Tax Benefits for Student Expenses?

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Students can take advantage of tax credits, tax deductions, and tax-free savings plans to offset the cost of tuition, fees,…

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How do I report FAFSA® on my tax return?
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How Do I Report FAFSA® Money on My Tax Return?

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Does your FAFSA® money consist of grants, scholarships, and federal student loans? If so, then…

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  • Tax Benefits

Tax Form 1040 Student Loan Interest

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Most interest that you pay throughout the year isn’t tax-deductible. However, for some people, there’s…

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  • Tax Benefits

Are Student Loans Taxable Income?

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Regardless of how much money you decide to borrow or from what source, student loans are not taxable income. The…

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