Whether you are a student paying your own tuition or a parent paying a child’s tuition, when tax season rolls around you might be surprised that the Internal Revenue Service wants to help you minimize some of those tuition costs.
Parents should keep in mind that children who are not over the age of 24 can be claimed as a dependent if they are a full-time student. This means that parents can claim an exemption for the child as well as the tuition costs. Students who are over the age of 24, or married, get to claim themselves and enjoy the benefits of the tuition expense deduction.
For tax filers already paying on student loans, some of that interest can also be claimed when filing taxes. This applies for any type of student loan, including the ones that parents take out.
If you have any financial or tax questions in Arizona, then get in touch with the Phocus Companies today.
