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Publication 970 explains tax provisions for persons saving for or paying education costs for themselves or family members. It covers various types of educational assistance, tax credits, and nine other types of tax benefits.
You can set up and make contributions to an IRA if you receive taxable compensation. A scholarship or fellowship grant is generally taxable compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement.
Form 1098-T, Tuition Statement. When figuring an edu-cation credit, use only the amounts you paid and are deemed to have paid during the tax year for qualified edu-cation expenses. In most cases, the student should re-ceive Form 1098-T from the eligible educational institution by January 31, 2024. However, the amount on Form
IRS Publication 970 is a document published by the Internal Revenue Service (IRS) that provides information on tax benefits available to students and families saving or paying for...
Publication 970 provides information about tax benefits related to education expenses. Some of the common topics covered in this publication include: American Opportunity Credit (AOC): This credit can be claimed for qualified education expenses paid for eligible students during the first four years of higher education.
Beyond credits, IRS Publication 970 outlines nine tax benefits designed to ease the financial strain of educational expenses. These include the deductibility of student loan interest, tax-free treatment of canceled student loan debt, and deductions for tuition and fees.
The Internal Revenue Service Publication 970 describes the tax benefits that may be available for taxpayers who are saving for or paying education costs for themselves or, in many cases, another student who is a member of their immediate family.