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Tax Tips for University and College Students

The federal tax law authorizes an array of tax-saving deductions and credits for the expenses you incur as a student. The various tax benefits are available while studying, after graduation and even while enhancing your skills in the workplace. All tax benefits can be claimed by the student or another taxpayer who is eligible to claim the student as a dependent.

Student Tax Credits

The federal government offers students various tax credits that cover many of the necessary expenses to enroll at an educational institution. A tax credit provides a different benefit than a deduction. Credits reduce the amount of tax you owe on a dollar-for-dollar basis, whereas, a deduction only reduces the income subject to tax. The American opportunity and lifetime learning credits each have their own specific guidelines. However, both require enrollment at a postsecondary school recognized by the U.S. Department of Education and include the tuition and fees the institution requires you to pay as a condition of attendance. The American opportunity credit is available for the first four years of schooling, whereas the lifetime learning credit is available in any and all years you meet the minimum attendance requirements, which includes postgraduate programs.

Deducting Student Loan Interest

You can deduct a maximum of $2,500 for the interest you repay on a student loan during the tax year. The deduction applies only to interest that accrues on student loans you use to pay the necessary educational expenses such as tuition, fees, room and board, books and supplies at any school eligible to participate in the federal student aid program at the time of borrowing the funds. If you use any student loan funds for personal expenses, you must reduce your deduction by the amount of interest that accrues on that portion of the loan.

Education Related to Work

For students who are eligible to itemize their expenses, a miscellaneous deduction is available for the cost of educational courses that maintain or improve the skills necessary for your current profession or that your employer requires you to attend as a condition of your employment. The deduction also covers continuing education courses that a government agency requires you to attend to maintain a professional license, such as the CPA. However, the deduction is not available if the courses provide only the minimum skill set to work in a profession or qualifies you to begin a career in a new industry. Expenses eligible for the deduction include the cost of tuition, fees, books, equipment and reasonable transportation costs.

References:
IRS Publication 970-Tax Benefits for Education