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Choosing a College Degree - What is Best for You?
Choosing a college degree can be a very difficult decision to make. There are many things to consider but it is important to decide on the right college degree for the type of occupation that you want to pursue. You may find that you do not actually...
College Cuisine
Going to college is a grand experience. It's the first time many young adults get the chance to begin taking care of themselves, no matter what the consequences. One of the main things that worries parents when their child heads out into the world...
College Grants - On the Hunt
There are many different things that can assist you if you are a
university student in search of college grant money. The best
thing that you can do is apply for as many college grants as you
can. Obviously the more you apply for, the greater the...
Financially Stable Kids – Prepared for College
We are all familiar with the stories that most students have when they finally get through those last days of college. Their financial states are in ruins, with accumulated credit card debt along with the student loans. Grants and scholarships are...
What to Pack for College Part One
The excitement of college can be overwhelming, but there is also work to be done. If you're headed to a college far away from home, knowing what to pack for college will give you a sense of peace as you put miles between you and...
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Using The Tax System To Finance A College Education
For almost every family in America except the very rich trying to figure out a way to pay for their children’s college education is a very real and pressing concern. A four year program at the cheapest public school in the country will cost from $40,000.00 to $50,000.00 a year and at a good school you are looking at least $100,000.00 a year and probably more.
That’s why you have to start planning now for that happy day when it’s time for your kids to head off to college and the good news is that you can use the tax system to help pay for the bills. In 2001 the United States Congress approved $29 billion in tax cuts for families facing education bills and you should at least get your share of that money to help finance your families college education plans.
The changes included increasing the contribution limit under the Education IRA from $500 a year to $2,000 for each child under age 18 into a special Education Individual Retirement Account. You get to take this money out without paying taxes when your child enters college and along the way you get tax-deferred growth and tax-free withdrawals.
There are some restrictions on qualifying for the Education IRA phases out if your income is over $100,000.00 individually or $200,000 as a couple but if you don’t qualify you can set the account up
under a grandparents name.
There are also education tax credits that help defray the cost of a college education and they include the Hope Scholarship and the Lifetime Learning Credit.
The Hope Scholarship offers a tax credit of up to $1,500 a year for the first two taxable years that your child is in college. You get a dollar-for-dollar tax credit for the first $1,000 of tuition and related expenses and 50 cents on the dollar on the next $1,000.
The Lifetime Learning Credit applies to expenses for academic periods, and can be used any year for an unlimited number of years. It provides a 20% credit on the first $10,000 of qualified expenses that also includes educational expenses to acquire or to improve job skills.
Once again, these tax credits are phased out by income levels of between $80,000 and $100,000 for family incomes and $40,000 to $50,000 for single filers. Please note however that you can’t use an Education IRA and a tax credit to pay for the same expenses.
About the Author: This article provided courtesy of http://www.degrees-online.net
Source: www.isnare.com
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