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Tax Deduction Consulting: Graduate Student Tax Deductions Wilmington DE

There are several different ways that educational expenses can be used as tax deductions to reduce the tax liability of post-secondary school students or their parents. These tax deductions fall into the type generally known as tax relief deductions. Tax relief deductions are not applied equally across the board, but rather they are aimed at lower income tax payers. You will almost always find an income cut off point beyond which the deduction is not allowed.

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Fast Tax Delaware
(302) 427-2844
725 N Market St
Wilmington, DE
 
Delaware Taxes Today
(302) 654-4848
712 N Market St
Wilmington, DE
 
Greenbank Tax Service
(302) 995-0923
210 W Market St
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Delaware Taxes Today
(302) 888-1976
712 N Market St
Wilmington, DE
 
Colbert Ball Tax Ser
(302) 543-4631
800 Vandever Ave
Wilmington, DE
 
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
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Tax Deduction Consulting: Graduate Student Tax Deductions

Graduate Student Tax Deductions

The tax deductions differ slightly between undergraduate and graduate students. In order to qualify for graduate student tax deductions the student must be taking at least 3 credit hours.

There are several different ways that educational expenses can be used as tax deductions to reduce the tax liability of post-secondary school students or their parents. These tax deductions fall into the type generally known as tax relief deductions. Tax relief deductions are not applied equally across the board, but rather they are aimed at lower income tax payers. You will almost always find an income cut off point beyond which the deduction is not allowed.

What this means is that if you are well off enough financially, you can not expect any tax relief from educational expenses. There are also limits to the total amount of the expenses that are eligible for deductions. The exact income cut off points are based on adjusted gross income (AGI) and they do vary from deduction to deduction. The ball park figures are around $50,000 for single tax payers and $100,000 for married filing jointly. The income figures "phase out", which mean that when they reach a certain figure the percentage of expenses that can be claimed as a deduction is gradually reduced until it reaches zero.

The Hope Scholarship Credit is only for the first two years of undergraduate study, so graduate students are not eligible for it. However, the Life Time Learning Credit does apply to graduate students. The Life Time Learning Credit is for tuition and related expenses paid during the school year. The person who claims the student as a personal exemption is the one allowed to take the credit. The credit is up to $2000 per year.

A new deduction for Higher Education Expense allowed up to $4000 in 2006. It applied to graduate as well as undergraduate students. The deduction may be taken by the student themselves, their spouse, or dependents. You can not take thi...

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