A valuable tax credit called the "American Opportunity Credit" (AOC) could knock up to $2,500 off the cost of each of the first 4 years of college.
Wages from PT employment
If you don't qualify for the "AOC", the lifetime learning credit or tuition and fees adjustment could provide substantial tax savings instead.
Todd's Tax Service LLC
College Info and Tips
Our tax software will generate a "FAFSA" worksheet that eases the process of entering your tax info when you apply.
How the heck am I going to pay for all this?
Tuition, fees, books, and required tools or supplies are all qualified expenses for purposes of these tax breaks.
Scholarships and Grants
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529 Plan Distributions
Form 1098-E shows student loan interest paid during the year and is often deductible from income as an adjustment.
Form 1098-T will be needed to prepare the parent's tax return and claim the credit or adjustment.