What Others Are Saying About W.I.T.S.
Generally speaking, the U.S. government supports education by providing individuals with a variety of tax credits. Remember, a tax credit is typically more valuable than a tax deduction. The credit is subtracted from the amount of tax owed, not just the taxable income.
It is important for each person to seek professional advice for their specific needs, but we have identified some particularly relevant tax credit programs: The Hope and Lifetime Learning Education Credit Programs.
The Hope and Lifetime Learning Credit Program:
The Hope and Lifetime Learning Credit Program is a nonrefundable tax credit for qualified tuition and related expenses of higher education, whether the student is at the undergraduate or graduate level. This credit may be claimed for the qualified tuition and related expenses required for enrollment or attendance at an eligible educational institution of the students in the taxpayer's family (i.e., the taxpayer, the taxpayer's spouse, or an eligible dependent) who are enrolled in eligible educational institutions. A taxpayer cannot claim both a Lifetime Learning Credit and a Hope Credit for the same student in the same year.
Please visit the IRS web site to find out more about the Hope and Lifetime Learning Education Credits.