Category Archives: Student Tax Tips

FAFSA and Tax Information

Starting with the 2017­–18 Free Application for Federal Student Aid (FAFSA®), the following changes have been put in place: Students are now able to submit a FAFSA® earlier.  Students have been able to file a 2017–18 FAFSA since Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date is a permanent change,… Read More »

1098-T and the American Opportunity Tax Credit AOTC

What information do you need to know in order to claim the American Opportunity Credit or AOTC in 2015? Census data shows that in the last 10 years, college enrollment has gone up to 20 million? So, what does that mean? Lots of potential, eligible students might claim American Opportunity Tax Credit. There are nearly 10 million… Read More »

Avoid common AOTC errors

There are several common errors that the IRS sees commonly made when claiming the American Opportunity Tax credit. It is important to avoid claiming the AOTC improperly. The IRS will focus on this area when auditing returns and taxpayers who claim the credit wrongly will have to pay back taxes owed.   Claim an AOTC… Read More »

2015 Student Loan Tax Deduction

A common question for 2015 tax is, can I claim a deduction for paying down my student loan? Absolutely yes!  Make sure you claim your student loan interest payment deductions on your tax return. This can be a very valuable tax break and the net effect is reducing the interest that is paid on student loans.… Read More »

Investment Income and EITC

The EITC is meant to help taxpayers of modest means support themselves. There are certain limits on the amount of un-earned income or investment income that a taxpayer may have to claim the EITC. Investment Income and EITC Income from investments, whether it is dividends, rental properties or inheritance, disqualify you from the EITC if… Read More »

IRS Information and FAFSA Form for College

Students applying to college and their parents generally need to supply tax information on the FAFSA for financial aid.   IRS Information and FAFSA Form for College The Internal Revenue Service (IRS) is helping to reduce the time spent preparing the Free Application for Federal Student Aid (FAFSA) by the automated access to federal tax… Read More »