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 deductions for tuition and fees and for student loan interest. Read more about What tax incentives exist to help families pay for college?
What tax incentives exist to help families save for college? Q.What tax incentives exist to help families save for college? A.Three tax-favored saving instruments encourage families to save for college: Coverdell savings accounts, qualified tuition programs (commonly known as 529 plans), and the education savings bond program. Because of their characteristics, the first two direct most of the benefit to higher-income families. Read more about What tax incentives exist to help families save for college?
What tax benefits exist for K-12 education? Q.What tax benefits exist for K–12 education? A.While the vast majority of education tax benefits target higher education, two types of federal tax breaks are aimed at K–12 education: tax credit bonds for school construction and reimbursement to teachers for school-supply expenses. Read more about What tax benefits exist for K-12 education?
