It covers eligible tuition, fees, and course materials for the first four years of post-secondary education.
The Lifetime Learning Credit (LLC) applies up to $2,000 per year to eligible education expenses, including tuition and fees.
The tuition and fees deduction lets you deduct up to $4,000 in eligible school expenses from your taxable income.
You can deduct up to $2,500 in eligible student loan interest. This deduction lowers taxable income.
Contributions are not tax-deductible, but profits grow tax-free and withdrawals are tax-free for qualified education expenses.
Nationally, 529 college savings programs are not tax-deductible, but state tax deductions may apply.
Money earned through a federal work-study program is generally not counted as income for tax purposes, making it tax-free.
Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness may not count as taxable income.