What tax incentives exist to help families pay for college? Q.What tax incentives exist to help families pay for college? A.Rapidly rising college expenses in the 1990s spurred the 1997 enactment of tax incentives for higher education, which currently include the American opportunity tax credit, the lifetime learning credit, and the student loan interest deduction. Read more about What tax incentives exist to help families pay for college?
What tax incentives exist to help families save for education expenses? Q.What tax incentives exist to help families save for education expenses? A.Three tax-favored saving instruments encourage families to save for education expenses: Coverdell savings accounts, qualified tuition programs (commonly known as 529 plans), and the education savings bond program. The first two can be used for elementary, secondary, and postsecondary education. In contrast the much smaller education savings bond program is limited to postsecondary education. Read more about What tax incentives exist to help families save for education expenses?
What tax incentives exist for higher education? Q.What tax incentives exist for higher education? A.Federal tax incentives for higher education include tax benefits for saving, tax benefits for tuition and related expenses, and tax benefits for student loans—in other words, benefits before, during, and after college attendance. These incentives mostly target middle-class households who do not benefit from many federal grant programs for students. Read more about What tax incentives exist for higher education?