Tuition can be expensive for students and their families every year, but there are credits you can claim with the IRS.
According to Marca, tuition fees rose by 1.6% since last year.
Private school’s tuition fees rose 2.1%.
Those in college should be aware of education credits they can claim to help save them some money.
IRS and the 1098-E Form explained
The 1098-E form is for interest paid on student loans throughout the year.
The forms are sent by lenders to anyone who paid $600 or more in student loan interest.
Each servicer you paid more than $600 in interest to will send you their own form.
Many people may not see a form this year due to the payment pause.
Forms are also available to download from your loan servicer’s website.
IRS and the 1098-T Form explained
This form reports what you paid in tuition for the year.
If you paid a certain amount, you may be entitled to credits.
Students who work can also claim the earned income tax credit.
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