IRS offers way to save for college...

Posted by andres.valenzuela on Tuesday March 6, 2007


RETURNING STUDENTS...
Anyone paying higher-education expenses might want to study his or her tax return. Both the 1040 and 1040A contain a valuable lesson on how to write off up to $4,000 of college costs without having to itemize," according to Bankrate.com. "The tuition-and-fees deduction's immediate attraction is that it doesn't require you to fill out Schedule A. Students got a bit of a scare last year when this tax break expired. Congress finally re-enacted it, but not until late December 2006. That meant tax forms were printed without including this and a couple of other tax breaks. Even though the adjustment is nowhere to be found on Form 1040, don't worry. You can still claim eligible tuition and fees on your 2006 return. It will just take a bit more tax homework on your part."

Read the March 2, 2007 article here.
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