Back-to-School Tax Tips for Students and Parents
Category: Education Planning Tags: Tax Planning Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts. The Lifetime Learning credit Qualified Education Loan Interest. Going to college, and figuring out how to pay for it, can be stressful for students and parents. In recent years, Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even cover vocational schools. If your child is below college age, there are tax-advantaged plans that allow you to save for the cost of college. Although providing no tax benefit for contributions to