View Full Version : tax breaks for ed of dep working and living away from home


DMEpley
My two sons are both college students, living away from home and working part time jobs, my husband and I still support them partially and there seem to be no tax breaks for us where the boys are concerned. The Hope and Lifetime are nice but no where near what we spend for them, any ideas?

TJB_NC
See IRS Publication 970 for details on all of the federal tax advantages available for higher education. The Hope and Lifelong Learning credits are pretty much the best of the lot for immediate college funding.

Given the extremely low interest rates for student loans and the forward tax deductibility of interest payments, you might want to consider upping the amount borrowed, if that is appropriate or applicable.

I am not aware of other tax breaks for college expenses.

TJ