Tax Benefits for Education

The Taxpayer Relief Act of 1997 created several tax benefits for families who are saving for, or already paying, for higher education.

  • The American Opportunity Tax Credit
  • Lifetime Learning Credit
  • Student Loan Interest Deduction
  • Education IRAs
  • IRA Withdrawals For Higher Education Expenses
  • Qualified State Tuition Programs
  • Exclusion For Employer-Provided Educational Assistance

For information regarding the taxability of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States, please refer to "Scholarships, Fellowships, Grants, and Tuition Reductions".

For further guidance, you may visit: IRS web site