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Articles with the keyword "education tax benefits"
11 result(s) displayed (1 - 11 of 11):
The Economy Is Down—Bring Your Tax Bill Down With It
These stressful economic times might offer a few short-, mid- and long-term tax planning strategies that will help alleviate your tax bill. Losses are never a good thing. However, when it comes to your business, you might be able to…
Are IRA or Section 529 Plan Losses Deductible?
If your IRA or Section 529 plan has decreased in value you may be wondering if you can deduct your losses. In most cases there is no deduction for losses within an IRA or Section 529 plan. However, it may…
Your Child is Going to College—Are You Ready?
While attending grammar and high school, your children are continually preparing for the challenges of postsecondary education. Although the transition from high school to college can be difficult, your children are generally well-equipped and ready to tackle the challenges that…
Deduction for Student Loan Interest
A deduction toward adjusted gross income (AGI) is allowed for interest paid on a higher education student loan for the taxpayer, taxpayer’s spouse or any dependent of the taxpayer as of the date the indebtedness was incurred. The deduction is…
College Costs Are Rising Faster than Gas Prices: Is There Help?
As the price of higher education continues to rise, many parents are looking for tax benefits to help reduce the cost. Some options available for you or your college-age children include:Deduction for Qualified Tuition and Related ExpensesUsing U.S. Savings Bond…
Deduction Allowed for Qualified Tuition and Related Expenses
A tax deduction toward adjusted gross income (AGI) is allowed for qualified tuition and related expenses paid during the taxable year, limited to:$4,000, if your AGI does not exceed $65,000 ($130,000 for a joint return);$2,000, if your AGI is between…
Using U.S. Savings Bond Interest to Pay Educational Expenses
Qualified U.S. savings bond interest used to pay higher-education tuition and fees during the taxable year are not includible in gross income to the extent that the aggregate redemption proceeds from the bonds redeemed during the year do not exceed…
Hope Credit up to $1,800 Applies to First Two Years of College
Under the Hope Credit, a tax credit is allowed for qualified expenses paid for the first two years of post-secondary education. For tax year 2008, taxpayers can claim up to $1,800 of credit (up from $1,650 in 2007). The credit…
Lifetime Learning Credit up to $2,000 Applies to All Years of Post-Secondary Education
The Lifetime Learning Credit is another option to consider when you pay qualified education expenses for post-secondary education. This credit is equal to 20% of the first $10,000 paid each year for qualified education expenses. Unlike the Hope Credit, the…
Coverdell Education Savings Accounts Invest After-tax Dollars
Coverdell Education Savings Accounts are tax-exempt trusts. Contributions are made using after-tax dollars, similar to a Roth IRA, and are not deductible at the time of contribution. A tax benefit is created when there are qualified distributions from the account,…
Section 529 Qualified Tuition Programs: A Savings Opportunity for High-Income Taxpayers
Section 529 of the Internal Revenue Code provides rules for the income tax treatment of qualified tuition programs sponsored by a state or by a private college or university.Which two types of tuition programs qualify under Section 529?: Prepaid tuition…
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