Please visit the U.S. Department of Education and the Internal Revenue Service (IRS Tax Information for Students and Tax Benefits for Education) web sites for the most current information.
An overview of the following items can be found at the U.S. Department of Education web site:
- American Opportunity Tax Credit (AOTC) – up to $2,500 tax credit for qualified education expenses paid for an eligible student for the first four years of higher education.
- Lifetime Learning Credit (LLC) – up to $2,000 tax credit for enrolled students taking higher education courses to get a degree or improve job skills.
- Education Savings Accounts.
- Student Loan Interest Deduction.
- IRA Withdrawals.
Visit the IRS