How Your Tuition, Fees & Charges May Affect Your Tax Return
Starting in October 2009, ICE became eligible to participate in a student aid program administered by the U.S. Department of Education.
Therefore, certain federal tax benefits may be available to you if you are paying educational costs for yourself or in many instances another student who is a member of your immediate family. Students may be able to deduct qualified educational expenses paid during the year for themselves, their spouses or dependents. Depending on a student's personal situation, one of the following benefits may be available. Please check with your tax preparer regarding any tax benefits for education expenses.
- Tuition, Fee & Charge Deductions (reduce income up to $4,000)
- American Opportunity Tax Credit (up to $2,500)
- Lifetime Learning Credit (up to $2,000)
Click here to refer to the IRS publication 970 Tax Benefits for Education.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.