Posts Taged college

Is Your Scholarship or Pell Grant Taxable?

      Typically, a scholarship or Pell Grant is tax-free if you are a degree candidate and the funds are used to pay for tuition, fees and books, supplies and equipment that are REQUIRED for enrollment or attendance at a qualified institution. However, there are instances where some or all of the scholarship or […]

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Start Saving Those College Receipts!

Now that school is back in session for the fall, it is a good time think about possible education credits.  It is important to compile receipts for qualified education expenses in order to potentially qualify for education credits. There are two education credits available: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits may […]

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Deducting College Expenses

Make sure you get a 1098-T form from the college, university or trade school that your child attends.   The form may been to be downloaded from an on-line site or the school may have mailed it to your child. Remember…… -if your child is under 24 and a full time student for any part […]

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Happy FAFSA!!! Did you have weekend plans?

Yes, you can fill out your FAFSA for the 2017-2018 school year starting October 1st. Yep! In less than 48 hours you could be looking up asset values and tax information from 2015 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do […]

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Changes to FAFSA (Federal Application for Federal Student Aid)

Those of you who have applied for financial aid through the Department of Education know how frustrating it can be. Well, the application process will be slightly easier starting with the 2017-2018 academic year. Previously, the figures the applicant would enter on the FAFSA form would be pulled from the tax return from the previous year. For […]

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Tax Tips for Students with Part-Time Jobs

Another school year has come to an end and now is the time to earn some spending money for next year.  Following are some tips for summer employment: You may need to pay federal, state and local taxes.  The IRS has a Withholding Calculator to help taxpayers estimate taxes they may owe. Withholding and Estimated Taxes […]

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College costs getting you down?

Well perk up!!!! Your kids will be smart and more well-rounded AND the IRS is giving you the added bonus of many possible tax incentives.  Woohoo!!! Fantastic! What are these special incentives…well, here’s a few to wrap your mind around…. The American Opportunity Credit….an education credit of up to $2,500 for qualified higher education costs.  […]

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Off campus housing-fun AND deductible!

Tempted to use off-campus housing instead of the dorms?  Sure you can!!!!  Although some colleges have rules regarding students staying on campus, many times it is allowable to stay off campus.  You CAN deduct this cost as a qualified higher education expense when taking distributions from a Qualified Tuition Program, aka 529 plan. Among other […]

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Save for College AND Save on Taxes

Time flies!  We all know that.  One day you’re changing a diaper and the next you are buying a mini refrigerator for the dorm room.  Make paying for that dorm room a bit less painful. The earlier you start setting aside money for college the better.  Putting away money from day 1 of your child’s […]

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