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About Tax Deductions for College

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From Quick Guide: Tax Deductions Guide

Summary: There are two main tax deductions for college--the Hope Learning Credit is good for up to $1,800 for the first two years of college, and the Lifetime learning credit is good for $2,000 for several years of college. Deduct the interest paid on student loans with instructions from a tax consultant in this free video on taxes.

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By Ken Lewellyn
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Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more

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Video Transcript

"Hi, today we're here to talk about college tuition and tax credits, or tax deductions. There are two, basically, two credits available. There's the Hope Learning Credit and the Lifetime Learning Credit. The Hope Learning Credit is for up to eighteen hundred dollars per year, for the first two years of your Undergraduate degree or Vocational school. There's also the Lifetime Learning Credit which is a two thousand dollar credit and can be use for Undergraduate, Graduate, or Professional studies. And this can be used throughout, there isn't a a two year limit on that. The other area that can be considered for deductions would be the interest on student loans. Many times, if you're paying the interest on a current loan or paying interest on an older loan, you can take that deduction also."

eHow Article: About Tax Deductions for College

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