Posts Taged education

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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Divorce & Taxes

Here are some key issues that may affect you if dealing with divorce or separation: Alimony received must be included as taxable income Alimony paid is a deduction for the person paying it Child support is not a taxable event Let the IRS know about your address change on Form 8822 Report any name change When […]

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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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Applying for Federal Student Loans

Yes, you can fill out your FAFSA for the 2018-2019 school year starting October 1st. Yep! In less than a month you could be looking up asset values and tax information from 2016 and possibly pulling your hair out in frustration. Woohoo! Fill it out HERE on the FAFSA website. First thing….and you can do this […]

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Last Minute Ideas!

Did you file yet?   Here’s a few ideas for saving on your income tax: Consider if you have dependents that you can claim that you haven’t thought of.  Perhaps your parents are dependents?  Are you supporting them?  Kids in college are also normally still dependents. The IRS has an interview tool you can complete […]

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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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Picking out a college? See if it qualifies.

Some people are surprised when little Johnny or Jane’s college or school they picked out ends up NOT being eligible for a tax credit. Qualified institutions include any college, university, vocational school, or other post secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education.  This includes most […]

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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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Tax Extenders – Saving You Tax $

As is par for the course, Congress waited until the last minute to approve the tax extenders for 2015 with the “Protecting Americans from Tax Hikes Act of 2015.”  President Obama signed it into law. This law extends various tax breaks for individuals and businesses.  Below is a list of some of these extensions:   The […]

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