Save Money on College Costs with Tax Credits for Higher
Education
Various tax credits and tax deductions are available
to you that can make education more affordable and significantly
reduce the amount of federal income tax you may owe. These
tax incentives include:
- American Opportunity Education Tax Credit
- Lifetime Learning Tuition Credit
- Student Loan Interest Deduction (including interest
on parent loans taken to pay for qualified expenses)
- Tuition and Fees Deduction
- Coverdell Education Savings Account (formerly Education
IRA)
- Qualified Tuition Programs
- Early Withdrawals from IRAs
- Education Savings Bond Program
The links shown below provide helpful explanations of
these various tax incentives:
IRS
Publication 970: Tax Benefits for Education
Higher
Education Tax Benefits - 2009 Tax Year (NASFAA)
Higher
Education Tax Benefits - 2009 Tax Year (USA Funds, Loan Guarantor)
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