Income tax return season is approaching, and students should consider these tips from the Kentucky Higher Education Assistance Authority (KHEAA) to help make the tax preparation process smoother. KHEAA
Before students file their tax returns, they should discuss with their parents any situation they may be able to claim as a dependent, which could save them thousands of dollars.
“The Kentucky economy has seen historic growth in the past two years,” said Governor Andy Beshear. “To continue this growth we need to give even more Kentuckers access to higher education, and available tax credits and deductions can make them more affordable.”
Additionally, students and parents may be able to avail these programs through their federal taxes:
· American Opportunity Credit, available for the first four years of college.
· Lifelong learning credit, available when a taxpayer or dependent is taking college courses to acquire or improve professional skills.
Deduction of tuition fees and fees that allow the taxpayer to deduct qualified education expenses paid for themselves or a loved one during the year. These expenses must be for college.
For more information on federal programs, visit irs.gov to download the free publication 970 Education Tax Benefits.
Student Loan Interest Deduction that allows up to $ 2,500 per year to be deducted from federal taxes on interest paid on federal student loans.
Kentucky also offers a tuition tax credit for students attending state colleges.
Tax regulations can change from year to year. So make sure you have the most up-to-date information before filing a tax return. If you have any questions about which subsidies are taxable, you should consult a tax advisor.
KHEAA is the agency that administers the state’s scholarship and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES). The agency also provides free copies of It’s Money, Baby, a guide to financial literacy, to schools and Kentucky residents upon request at Publications@kheaa.com.
Many of the KHEAA’s student aid programs are funded by revenue from the Kentucky Lottery.
For more information about Kentucky scholarships and grants, visit kheaa.com, write to KHEAA (PO Box 798, Frankfurt, KY 40602), or call 800-928-8926 ext. 6-7214.
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