Article: More Ways To Use The Taxation System To Pay College Education Costs
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More Ways To Use The Taxation System To Pay College Education Costs
In addition to Education IRAs and federal tax credits there are many other ways to use the taxation system to pay for the high and increasing costs of a college education. You need to consider all of these tax benefits in order to ensure that you can benefit from this form of government support to families who are helping their kids get a higher education.
Some of the other ways to let the taxation system pay for some of your family?s college education expenses include deductible expenses, Section 529 plans, regular IRA?s, savings bonds, investing on your child?s behalf, and putting your child to work for you.
You can deduct up to $4,000 a year in qualified educational expenses but you can?t combine a deduction and a tax credit for the same student in the same...
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