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Are there any Federal Tax Benefits for Education?


There are tax credits and there are tax deductions.  A tax credit reduces the amount of income tax you are required to pay.  A deduction reduces the amount of your income that is subject to tax, thus reducing the amount of tax you have to pay.  The most commonly used deduction for law graduates is the Student Loan Interest Deduction. 

Deductions

  • Student Loan Interest Deduction
  • College Tuition & Fees

Tax Credits

  • American Opportunity
  • Hope
  • Lifetime Learning

For a description of each, see Publication 970 at www.irs.gov.