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IRS and Dept. of Education Links

INTERNAL REVENUE SERVICE IRS Home page	TAXPAYER RELIEF ACT OF 1997 Highlights of Taxpayer Relief Act of 1997 and Balanced Budget Act signed by Congress in August 1997.
COVERDELL EDUCATION SAVINGS ACCOUNTS (Formerly Education IRAs) Contribution to an Education IRA for the purpose of paying the qualified higher education expenses of a designated beneficiary.	IRS PUBLICATION 970 Informational overview of the higher education tax incentives included in the Taxpayer Relief Act of 1997
EDUCATION SAVINGS BOND PROGRAM Possible exclusion of interest income from savings bonds used to payer higher education expenses.	HOPE CREDIT Non-refundable tax credit for qualified tuition expenses paid in the first two years of post-secondary education to an eligible educational institution
WITHDRAWALS FROM TRADITIONAL or ROTH IRAs Withdrawals from your IRA before age 59 1/2 for qualified higher education expenses may be exempt from the 10% additional tax on early withdrawals	LIFETIME LEARNING CREDIT Non-refundable tax credit for qualified tuition expenses paid to an eligible educational institution
QUALIFIED STATE TUITION PROGRAM Prepaid tuition programs for higher education and their tax implications.	STUDENT LOAN INTEREST DEDUCTION Deduction available only on student loan interest paid during the first 60 months in which interest payments are required
NEW DEDUCTION FOR HIGHER EDUCATION EXPENSE New deduction for tax years 2002-2005	EMPLOYER-PROVIDED EDUCATIONAL ASSISTANCE Tax-free higher education benefits paid by an employer.
TAX LAW CHANGES Important tax law changes.

Click on the following for more information on:
Hope Credit
Lifetime Learning Credit
Student Loan Interest Deduction