TONIGHT AT 6 | If you’re in college or your child is, you could be in for a tax break this season. The Internal Revenue Service says you may be entitled to education-related credits and deductions.
The Internal Revenue Service says you may be entitled to education-related credits and deductions including:For the Student Loan Interest Deduction, it reduces your income by $2,500 per return if you’re done with school and still paying off your loans.
“Reducing your income reduces the amount of tax liability you have,” said Stacy Engle, an IRS spokesperson based in Indianapolis. The Lifetime Learning Credit can help pay for undergraduate, graduate and professional degree courses and is worth up to $2,000 per tax return.“The American Opportunity Credit is actually for taxpayers or their dependents that are in their first four years of school at an accredited school and it has to be going toward a degree or a certificate,” said Engle.
Most tax software should ask you questions about whether you or your child is a student and whether you’re paying off any loans.
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