Tax credits for students

Tax credits for students

If you paid interest on a student loan and your income is below the limits, you may be able to deduct up to $ 2,500 in interest payments on your income.

You may be eligible to receive the interest deduction if you, your spouse or a dependent is a student who was enrolled in a program at least half time. The student loan should be used for approved necessary expenses, including tuition, fees, room and board, books, materials, equipment or transportation.

Learn more about the deduction of interest on student loans.

Tuition and fees deduction
If you paid tuition fees and study at an approved educational institution, and meets the income requirements, may be able to deduct up to $ 4,000 of your income to reduce the amount you pay in taxes.

If it was your responsibility to pay expenses for yourself, your spouse or a dependent, college or technical institute approved (contact the institution to find out if it is), maybe I can qualify to receive this deduction. For most students, this deduction covers education expenses such as tuition, books, materials and activities fees, but does not include personal expenses or family day, including food and lodging. However, students in disaster areas in the central region (English text) you can deduct expenses for meals and lodging.

Get more information on tuition and fees deduction.

Editor's Note: In addition to tuition and fees deduction, the Hope Credit and Credit Education Credits for Life for Education can reduce the amount of taxes to be paid by students attending qualifying institutions. You can choose credit or deduction that allows you to save more money, but can not use more than one of them for the same student in the same year.


source: deducciones-de-impuestos-para-estu