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| Is Education Tax Deductible? |
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Is Education Tax Deductible?
taxpayers. The $3,000 maximum goes to $4,000 for 2004 and 2005. However, this deduction is scheduled to phase out after 2005.
You can not claim this deduction if you also claim the Hope or Lifetime Learning tax credits for the same year, for the same student.
Student Loan Interest is largely tax deductible. Education-loan borrowers may be able to deduct up to $2,500 in interest paid yearly on loans used to pay for qualified educational expenses.
To claim this deduction, taxpayers must file federal tax form 1040 or 1040A. Itemizing deductions is not a requirement.
The key to saving the most amount of money possible is to stay informed.
About The Author
GranMamma is the webmaster at the Baby Names Box - Where you can explore over 6,000 baby names and their meanings.
Sub-categories include Disney, J.R. Tolkien names, Fantasy and Folklore names, and many names from the literary classics. Read articles ranging from parenting and family to home and gardening. Be sure to say hi to GranMamma!
babynamebox.com
granmamma@babynamebox.com
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baby names and childcare |
Author
David Gabbitas |
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