by Jill Maturino | Jul 16, 2012
A taxpayer who paid interest on a student loan may be able to claim a tax deduction up to $2,500. The deduction is phased out for individuals filing single tax returns with income of $65,000, and for couples filing joint tax returns with income of $130,000. However,... by Jill Maturino | Jul 16, 2012
A person who cashed Series EE or I U.S. Savings bonds issued after 1989 may be able to exclude all or part of the interest on the bonds from their income. To take the exclusion on qualified Savings Bonds, one must: 1) have paid “qualified” higher education expenses... by Jill Maturino | Jul 16, 2012
A taxpayer who incurs qualified higher education expenses for themselves, a spouse or dependent child may be able to claim the Hope Scholarship Credit or the Lifetime Learning Credit. The Hope Scholarship Credit is up to $1,500 (plus cost-of-living adjustments) per... by Jill Maturino | Jul 16, 2012
The earned income tax credit is a refund that can be claimed by certain low-income individuals who have earned income from employment. If married filing jointly, earned income and adjusted gross income must be under $33,030 with one “qualifying” child (as defined by... by Jill Maturino | Jul 16, 2012
Under federal law, the custodial parent is entitled to claim the dependency exemption on their tax returns, absent an agreement or Court Order to transfer the exemption to the non-custodial parent. The custodial parent may still claim head of household, earned income...
