![]() Under the Education Savings Bond Program, certain bond interest may be excluded from income. savings bonds can be included on the tax return in the year it is earned, or in the year in which the bonds are cashed. New York taxpayers, who are account owners, can also deduct up to $5,000 of contributions ($10,000 for a married couple filing jointly) on their state income tax return each year. Withdrawals from New York’s 529 College Savings program for qualified higher education expenses are exempt from State and federal income tax. The Federal Student Loan Interest Deduction provides up to a $2,500 tax deduction for the interest paid during repayment on a qualified student education loan. There is no limit on the number of years the lifetime learning credit can be claimed for each student. ![]() Qualified taxpayers may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for all eligible students. The full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualified expenses for an eligible student. interest you paid during the year on a qualified student loan. The AOTC is also available to those who owe no tax in the form of a refund. The tuition and fees deduction can reduce the amount of your income subject to tax by up. It does not include other college-related costs such as room, board, and travel. This includes tuition and fees, books, and course- or degree-related costs (like supplies and equipment required for specific classes). ![]() The American Opportunity Tax Credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education, providing a tax credit of up to $2,500 per student. The scholarship or fellowship money is used for qualified expenses. The Federal government offers tax benefits for qualified undergraduate college study, including an IRS tax deduction on interest paid on qualified loans.
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