Education is expensive, so here’s some helpful tips!
Get your tax break from claiming your kids.
- Don’t forget to claim up to $1,000 for the Child Tax Credit.
(Your child must be under 17, live more than half the year with you, a dependent on your tax return, be directly related to you, a U.S. citizen, national or resident alien)
- Claim the child and dependent care credit for child care expenses for your child under 13.
- You can claim the Earned Income Credit (EIC) depending on your income.
- The Adoption Tax Credit reduces your tax for expenses such as Court, attorney fees, travel and meal expenses. (You can also claim the Special Needs Credits for all relating expenses)
- Claim the Education Credit for education expenses if you’re paying for your child’s college education.
Get your money back for unreimbursed classroom materials.
- For K-12 educators, claim the Educator Expense Deduction for up to $250 in unreimbursed classroom purchases and $500 for married filing jointly teachers.
(Items need to be mandatory such as books, school supplies, computer equipment, software and athletic equipment for physical education teachers)
- When itemizing, deduct travel, investment costs, and union dues as unreimbursed job expenses. (Exceeding 2% of your adjusted gross income)
- College professors cannot claim the Educator Expense Deduction but can deduct their expenses in unreimbursed job expenses when itemizing their deductions on Schedule A (Form 1040).
Students, get your money back for your education expenses.
- Claim the Education Credit by using Form 1098-T for your qualified education expenses such as your tuition. You can also report any other costs directly relating to your education like textbooks and computers.
- Keep in mind, if your parent is claiming you as a dependent, you cannot claim the education credit.
- Deduct your student loan interest and do not default on your student loans. The federal government can garnish your tax refund each year your loan goes unpaid.
Did you file your return yet?
Get your prior year or current year refund by creating an account now! PriorTax will guide you through filing your tax return to get your money back.
Tags: back to school, child tax credit, CTC, dependent, earned income credit, education credits, EIC, student loan interest, tuition