Skip to Main Content

Tax Benefits

Tax Benefits

The Federal Government provides a number of tax incentives that can help defray the cost of higher education. These incentives come in a couple of forms:

  1. Tax Credits, which directly reduce the amount of tax you owe. Click here for The American Opportunity and Lifetime Learning Tax Credits
  2. Tax Deductions, which reduce the amount of income that you pay taxes on.
  • Tuition and Fees Tax Deduction
    The Tuition and Fees Tax Deduction can reduce your taxable income by as much as $4,000. This deduction may be helpful to you if you are not eligible to take one of the tax credits. It is taken as an adjustment to income, which means you can claim this deduction even if you do not itemize deductions on Schedule A of Form 1040.
  • Student Loan Interest Deduction. The Student Loan Interest Deduction can reduce your taxable income by as much as $2,500. It is taken as an adjustment to income, which means you can claim this deduction even if you do not itemize deductions on Schedule A of Form 1040. You can deduct interest paid on a student loan for yourself, your spouse, or your dependents.

1098-T Statement

You will receive information about your educational expenses in a 1098-T statement. Schools are required to send this information to eligible students by January 31 of each year.  Be sure to save this information or give it to the person who claims you on their tax return if you don’t claim yourself.

Great Oaks has provided this basic information to students solely for informational purposes and it is not intended to be tax or legal advice. For more information, see IRS Publication 970 - Tax Benefits for Education or consult a qualified tax advisor.

News

Great Oaks accepting applications for fall; open houses scheduled

Applications for current high school sophomores to attend a Great Oaks campus are now being accepted. To help students choose a career program, and for parents to talk with instructors…
Read More

Great Oaks/Miami Trace FFA team wins state FFA parliamentary procedure competition

by Meri Grace Carson During December Meri Grace Carson, Aubrey Schwartz, Garrett Hagler, Adam Ginn, Kylie Pettit, and Abbi Pettit traveled to The Ohio State University to compete in the…
Read More

Kimberly Freeman receives Compassion Award

Kimberly Freeman of Cincinnati, a counselor at Diamond Oaks Career Campus, was honored this week with the first annual Eric Scott Compassion Award, given by the Great Oaks Education Foundation.…
Read More

More News