College is a major expense for many families, but a payment strategy can provide significant tax savings, according to a college funding expert.
expands to graduate and professional degrees, worth up to $2,000 per eligible student per year.
However, you can't "double dip" tax breaks by claiming one of these credits and withdrawing money from a for the same expense. So to claim the full value of the credit, you'll need to plan ahead to cover a portion of tuition using income, loans or other eligible sources."What you pay does not equal what it costs you," said Riskin, who is also a certified public accountant.
for certain future nonprofit and government employees. What's more, student loans may provide other benefits like the ability to claim the American opportunity tax credit or establishing credit for the student, Riskin said. "Advisors have done themselves a disservice of trying to simplify it," he said, noting that many families default to 529 withdrawals without analyzing other options.
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