Tax Benefits for Students

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Some examples of tax benefits available for the 2006 tax year -

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Hope Scholarship - This is in effect a tax credit, not a scholarship. The credit is subtracted from the number of tax you in effect owe, not your income. You cannot get a repayment of this credit, it can only be deducted from the number you owe. The number of the credit depends on some factors such as income, cost of tuition and fees, and the number of certain scholarships received. To receive this credit you need a form 1098-T from the school which is used to fill out Irs form 8863. Your 1098-T form should include caress facts for man at your school who can help you with questions or filling out the form. You can only claim this credit for two years of schooling.

Lifetime studying Tax credit - This is also a credit, deducted from the number of taxes you owe as opposed to a refund. The credit is run pretty much the same as the Hope Scholarship, it uses the same 1098-T and Irs form 8863. The only variation is it is not dinky to 2 years.

The Tuition and Fees Tax Deduction - This is an revenue deduction that you can use even if you do not itemize. You may deduct up to 00.00 of tuition and fees, no other expenses are eligible. These must be fees you in effect paid, no tuition or fees paid by tax-free scholarships, grants or any other assistance are eligible. There was a last dinky prolongation by congress to allow this deduction this year so it is not properly printed on the tax forms. Habitancy claiming this deduction are encouraged to e-file because it has been added to the Irs software, otherwise you must effect extra instructions to make sure the form is filled out properly. You will need a form 1098-T from your school and a 1040 tax form.

Interest deduction - You can deduct up to 00.00 of interest paid on trainee loans, in case,granted it is not deducted somewhere else on your return.

Remember these benefits and amounts turn year to year so make sure you have current facts when filing your taxes!

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