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The advent of a new year means that tax paperwork will
soon be arriving. So, if you are still involved in your
student's tax return preparation, you'll need to gather
those incoming W-2s from on- or off-campus jobs. Talk
about exchanging these forms now so that they don't
get lost in the jumble of your student's busy life.
And,
if your student does his own tax return, encourage him
to check into campus tax resources. Some organizations
offer free tax preparation assistance to students. The
accounting department may offer help, too. Students
who learn to do their own taxes are acquiring a lifetime
skill.
Start
preparing now… April 15 will arrive sooner that
you think!
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Publication
970 (2005), Tax Benefits for Education
The
IRS offers an online guide to possible tax benefits
for education. The publication:
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Explains the taxability of various types of
educational assistance such as scholarships,
fellowships and tuition reductions.
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Explains educational benefits such as the Hope
credit, the lifetime learning credit and 10
others (i.e. possible deduction of tuition and
fees, participation in qualified tuition program).
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Goes in-depth when it comes to reminders, who
is eligible and more.
Check
it out at
http://www.irs.gov/publications/p970/index.html.
You
can also visit www.irs.gov or call 1-800-829-1040
with further questions.
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Copyright
2005. PaperClip Communications www.paper-clip.com
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