John B. Barry, CPA, P.A.

5 Tax Tips for College Students – Plan, learn and save on taxes!

An overview of taxes and college by John B. Barry, CPA, P.A.
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1. Review the education tax credits (Click for more information):

American Opportunity Tax Credit

• Lifetime Learning Credit

• Tuition and Fees Deduction

2. Track all of your education activity:

• Tuition payments

• Book, supplies, equipment and computer

• Personal payments

• Scholarships

• Grants

• Student loans

3. Determine who will claim the credit:

• If you qualify as a dependent on your parent(s)
return then they would claim the education credits.

• If you provided for more than half your support and
made more than the personal exemption ($4,050 – 2016)
then you would claim yourself and the education credits
on your own return.

4. If you have student loans and are paying interest:

• Student loan interest is deductible.

• The amount you paid is generally reported on Form 1098-E.

• If you paid less than $600, you may not receive Form 1098-E.
You will need to call your loan servicer for the exact amount.

• The loans associated with the student loan interest must have
been used for qualifying higher education expenses.

• You paid interest on a qualified student loan in the current tax year.

• You’re legally obligated to pay interest on q qualified student loan.

• You can’t be claimed as a dependent on someone else’s return.

5. File a return:

• If you work a part-time job, Federal and or state income tax may be
withheld from your paycheck.

• Federal and state income taxes are potentially refundable.

• You must file a return to claim your refund.

• If you claim yourself on your return, you must file to claim
any qualifying education credits.

• When it’s time to file your return, check with
John B. Barry, CPA, P.A. for discounted or free
tax return preparation.
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We are available all year to answer any tax, retirement or other general financial questions you may have.
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John B. Barry, CPA, P.A.