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Joe Diamond, CPA, CFP®, EA, MST

 

Diamond Financial Corporation

4256 North Arlington Heights Road, Suite 204

Arlington Heights, IL 60004

 

Phone: 847-884-8500 

 

Email: customerservice@diamondfinancial.com

Website: www.diamondfinancial.com

July/August 2020

Tax-Saving College Funding Options

Tax-Saving College Funding Options

If you meet income and other requirements, a variety of grants and tax breaks can help you reduce higher education costs. Examples include:


Grants.
The federal Pell Grant provided up to $6,195 for 2019-2020. The Federal Supplemental Educational Opportunity Grant (FSEOG) may provide up to $4,000 annually, depending on the availability of the grant at the school.*


Most college or secondary schools offer grants from a variety of private organizations. Two examples include grants that target specific groups of students like future teachers and children of veterans. To receive virtually any grant or loan, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA) form.


Tax Breaks.
Get tax credits — which you subtract from taxes owed — from the American Opportunity Tax Credit and the Lifetime Learning Credit. You can reduce your taxes by up to $2,500 for qualified education expenses. And, if you meet income requirements, you may deduct student loan interest of up to $2,500 from your taxable income.


*https://studentaid.gov/sites/default/files/federal-grant-programs.pdf


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Advisory Services offered through Diamond Financial Corporation, Registered Investment Advisor. Custodial Services provided by TD Ameritrade. Member FINRA/SIPC/MSRB.
Tax Preparation provided by Diamond Financial Corporation.
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