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Category Archives: Education

College Credit

Who can—and who should—take the American Opportunity credit?

By Legacy Protection, LLP |

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must… Read More »

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Save for Education

Want to save for education? Make 2016 ESA contributions by December 31

By Legacy Protection, LLP |

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education Savings Accounts (ESAs). How ESAs work With an ESA, you contribute money now that the… Read More »

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How to max out education-related tax breaks

By Legacy Protection, LLP |

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you… Read More »

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Grandchild in college this fall? Paying tuition could save gift and estate taxes

By Legacy Protection, LLP |

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift and estate taxes, you may want to consider paying some of his… Read More »

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