Tax tips for college students and their parents
Summary
Tax season is upon us, and college students and parents must know their filings. Students with part-time jobs should be ensured that they receive a W-2 form, while parents can benefit from education tax credits. It's crucial to report all income, including scholarships and grants, and take advantage of deductions for tuition and fees. Those with student loans can deduct interest payments. Additionally, parents should explore tax-advantaged college savings plans like 529s. Filing jointly or separately depends on individual circumstances, so consult a tax professional for personalized advice. With careful planning, students and parents can maximize their tax benefits.
ABC News
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