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Content Manager
Important Higher Education Federal Tax Information
for Our Students and Their Families
Content Manager
While it is not Wesleyan's role to act as a tax advisor, we feel it is important to provide you with information about tax benefits available for higher education.

Information provided by NASFAA’s Higher Education Federal Tax Benefits Guide - 2009 Tax Year

There is great news for parents and students: the federal government provides a number of tax incentives that can help defray the cost of higher education. These incentives come in a couple of forms:
  • Tax credits, which directly reduce the amount of tax you are liable for; and
  • Tax deductions, which reduce the amount of income on which you pay taxes.
You may qualify to use more than one of the benefits, but there are some restrictions against this as well. It's a good idea to figure your taxes multiple ways so you can get the maximum benefit available to you.

**NEW 2009** tax credit available under the American Reinvestment and Recovery Act! The Hope Credit has been modified for tax years 2009 and 2010 by the American Recovery and Reinvestment Act of 2009. Please review for more information regarding the American Opportunity Tax Credit.

Tax Credits

Tax Deductions

More Tax Topics

Additional Information about tax credits and other educational tax benefits are available may be acquired by:
Consulting a tax professional
Visiting the following web sites:
IRS Publication 970-Tax Benifits for Education
Viewing one of the following videos:
IRS TAX TIPS: Education Credit


TEducation Credits-Parents
 
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