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Tax Cuts for Education Expenses
Recent tax law changes have provided assistance to students and families by making direct tuition payments and student loan interest deductible. Certain income criteria must be met to qualify for these benefits. Generally, these benefits fall into three categories:
Before School - the tax regulations allow students and families to establish tax-free Individual Retirement Accounts (IRAs) for educational purposes.
While In School - Certain tuition payments may be deductible, based on your income level. Further, some withdrawals from IRAs and other investments may be untaxed.
After School - Some student loan interest is tax deductible.
The U.S. Department of Education has published comprehensive information about all of the recent tax changes.
As with any tax matter, you should check with a qualified accountant to help understand these opportunities and help you learn which options you may qualify for.

