Articles
Since personal interest is generally non-deductible, deductions must meet several tests: You...
Can I take tax deductions for education I pay for that helps me in my work?Yes if it's to maintain or improve skills in your present job. No if it's to meet minimum...
Can my traditional IRA be used for education?Yes, generally under the same terms as traditional IRAs. Also, ordinary income tax is somewhat...
Do any tax planning considerations apply to the education tax credit?For an academic period (quarter, semester, etc.) beginning in the first 3 months of a calendar...
Do living expenses while in school qualify for tax relief?Sometimes. Examples are for relief provided for Coverdell Education Savings Accounts (Section 530...
How can my family make best use of a Coverdell (Section 530) program?There can be a number of Section 530 accounts for any student. Various family members, such as...
How do Coverdell Education Savings Accounts (Section 530) and Qualified Tuition Plans (Section 529) differ?Section 530 plans limit investment to $2,000 a year per student; 529 plans allow a much larger...
How does a Coverdell (Section 530) Education Savings Account work?An education IRA differs from other IRAs in the following ways: No more than $2,000 a year can...
If I take a home equity loan to pay education expenses, can I deduct the interest?Yes, as home equity loan interest, not as student loan interest. In this case there's no income...
Must I pay tax on my employer's payment or reimbursement of my education expenses?Maybe not. Starting in 2013, up to $5,250 can be tax-free. Exemption can apply to graduate level...
What Types of Tax Relief are Available for Costs of my Children's Higher Education?A wide variety of tax relief is available, but you'll need to choose which credit or deduction to...
What are Qualified Tuition Programs (QTPs)?Also called Section 529 plans, these college savings plans have been established by almost every...
What is the Education Tax Credit?Two tax credits are available for education costs - the American Opportunity Credit (formerly the...
What tax benefits are available for continuing/adult education for a sideline hobby?If it's not part of a degree or certificate program, and not work-related, the limited deduction...
What tax deductions are available for college education?You can choose to take a tax deduction rather than the college tuition tax credits noted above. A...
What tax treatment applies if my student loan debt is canceled?Usually you're taxed on the unpaid loan balance. But tax can be waived if the debt is canceled...
What's the tax relief for education savings bonds?Interest on redemption of Series EE bonds is tax-exempt if you redeem them in a year you have...
