LIFE MILESTONE: COLLEGE AND EDUCATION TAX TIPS

  • College and Education Tax Tips: A good education can be a steppingstone to a bright future, but it can also be a big financial burden. Whether it’s the first day of kindergarten at a private school or a second graduate degree, paying for an education has major tax consequences.
    Saving for future education costs can help parents fund their child’s education through federal and state-sponsored plans or tax-advantaged income exclusions. Also, some income used for education expenses can qualify for an exclusion. Other education expenses could be eligible for a deduction or credit. (AICPA)