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![]() ![]() If the amount of interest you paid on your student loans in 2018 was $600 or more, you should receive a Form 1098-E (Student Loan Interest Statement) from your lender or loan servicer. Is your modified adjusted gross income less than $80,000 (or $160,000 if filing a joint return)? Did you also pay interest on a qualified student loan for higher education expenses? If so, you may be able to reduce the amount of your income subject to tax by up to $2,500. Seek help from a licensed tax professional to take full advantage of education tax benefits. Be sure to review IRS Publication 970 for all possible benefits. Employer-Provided Educational Assistanceīelow are three general education tax benefits.Education Exceptions to Additional Tax on Early IRA Distributions.Coverdell Education Savings Account (ESA).Student Loan Cancellations and Repayment Assistance.Scholarships, Fellowship Grants, Grants, and Tuition Reductions.Here are the education-related items from Publication 970: Certain benefits may be ruled out based on your income. Usually, you can’t use the same qualifying education expense for more than one tax benefit. They may be allowed for you as a student, or a member of your immediate family who was a student. In general, most benefits apply to higher education. ![]() Education Tax BenefitsĬertain tax benefits are available if you are saving for or have paid for educations costs. This includes all the information you need, including sample forms and worksheets. You can find more information in IRS Publication 970 Tax Benefits for Education. Consequently, here are a few key education tax benefits to help you get the most possible deductions. That is to say, it’s time to gather all your paperwork, W-2’s, receipts, statements, and related documents and work on your tax forms.
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