Back to school season is officially underway. Either you’re a parent who dropped their kid off to college for the first time, a teacher who thinks the summer went by way too fast, or a recent college graduate who just had their last summer break EVER… there are some tax tips that you should know!
1.       Teachers – Did you know there was an Educator Expense Deduction? You can deduct up to $250 of out of pocket expenses you use for supplies in your classroom!

2.       American Opportunity Tax Credit – The AOTC is worth up to $2,500 per year for an eligible student. You can claim this credit only for the first four years of higher education.

3.       Lifetime Learning Credit – This credit can help pay for undergraduate, graduate, and professional degree courses. This credit is worth up to $2,000 on your tax return.

4.       Form 1097-T – Starting in 2016, schools will report qualified educational expenses you’ve paid on a Tuition Statement of form 1098-T. You can also add the costs of books that may not be reported on this form.

5.     Recent graduates – If you’ve recently graduated and relocated for a new job, you may be able to deduct your moving expenses on your tax return.

Of course with anything related to taxes, there are eligibility requirements, restrictions, and phase outs. Consult with your tax preparer to see what you qualify for!

Have a great school year!

 


Comments

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