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CPE says tax credits can lower education costs By Sue Patrick News from the Kentucky Council on Postsecondary Education Frankfort, KY - Kentuckians may be able to take advantage of several higher education credits and deductions when filing their federal and state income taxes this spring. In some cases, taxpayers can save thousands of dollars.The major federal credits and deductions include:
Each year, college and universities are required to send students an IRS Form 1098-T that provides information on qualifying education expenses. Students taking credit classes at least half-time during one semester typically receive the form. According to data from the U.S. Department of Treasury for tax year 2011, it is estimated that 107,000 Kentucky families will receive approximately $212 million in tax credits alone from the American Opportunity Tax Credit, an average of almost $2,000 per return. Colleges and universities do not give tax advice, so those interested in taking advantage of these education benefits should contact the IRS at 1-800-829-1040 or online at www.irs.gov (Publication 970, Tax Benefits for Higher Education, Forms 8863 and 8917) or consult a tax expert for more information. This story was posted on 2011-03-07 12:10:02
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Somerset Community College Fall Dean's List for 7 county area ACES Parent-Teacher conferences, March 8, 2011 Col. Wm. Casey Elementary SBDM Council meets College, community leaders help make Read day huge success CU has total spring enrollment of 3,074 students Adair Co. Adult Learning Center adds Friday hours in March 2011 JAIS finishes 1st in Future Problem Solving, 2nd in Quick Recall! CU employs Dr. Joel F. Drinkard Jr. as scholar in residence CU students to meet with legislators, attend rally in Frankfort Grammy winner Larnell Harris in concert at CU, March 25, 2011 View even more articles in topic Education |
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