Coverdell Education Savings Account
You can contribute up to $2,000 a year to Coverdell savings accounts in 2013. These accounts can be used to offset the cost of elementary and secondary education, as well as post-secondary education.
American Opportunity Tax Credit
For 2013, the maximum Hope Scholarship Credit that can be used to offset certain higher education expenses is $2,500 per student, although it is phased out beginning at $160,000 adjusted gross income for joint filers and $80,000 for other filers.
Employer Provided Educational Assistance
In 2013, as an employee, you can exclude up to $5,250 of qualifying post-secondary and graduate education expenses that are reimbursed by your employer.
Lifetime Learning Credit
A credit of up to $2,000 is available for an unlimited number of years for certain costs of post-secondary or graduate courses or courses to acquire or improve your job skills. For 2013, the modified adjusted gross income threshold at which the lifetime learning credit begins to phase out is $104,000 for joint filers and $52,000 for singles and heads of household.
Student Loan Interest
In 2013 you can deduct up to $2,500 in student-loan interest as long as your modified adjusted gross income is less than $60,000 (single) or $125,000 (married filing jointly). The deduction is phased out at higher income levels. In addition, the deduction is claimed as an adjustment to income so you do not need to itemize your deductions.
Please contact us if you need help understanding which deductions and tax credits you are entitled to. We are always available to assist you.
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