Category Archives: Student Tax Tips

College Education Credits and 529 Plans Qualified Tuition Programs

Can you use a qualified tuition program (529 Plan) and claim education tax credits? States sponsor 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue Code — that allow taxpayers to either prepay or contribute to an account for paying a student’s qualified higher education expenses. 529 plan distributions are tax-free… Read More »

Best Tax Credit for Graduate Students

What are the best student tax tips for graduate students? The “big three” tax credits are the Lifetime Learning Credit, the American Opportunity Credit, and Qualified Tuition and Qualified Education Expenses. Graduate students are generally not eligible for the American Opportunity Credit, because they are well beyond their fourth year in post-secondary education.   What… Read More »

Information about the Hope Scholarship Credit

What is the Hope Scholarship Tax Credit? In general, the Hope Scholarship provides a federal income tax credit based on the first $4,000 in postsecondary education expenses paid by the taxpayer during the tax year. This could be a very useful student tax credit depending on what stage the taxpayer is currently at in their… Read More »