Tax Credit and Deduction Information
The Tax Relief Acts of 1997 and 2001 contain several tax provisions to help defray the cost of attending college. The lifelong learning tax credit is available to help pay the costs of professional school. However, you must owe taxes before the credit applies. Additionally, there are maximum deductible amounts and income cut-offs involved. The acts also established the deductibility of interest paid on educational loans. Again, maximum deductible amounts and income cut-offs apply. For complete information, consult IRS Publication 970 - Tax Benefits for Education.