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Education Tax Credit
As student loan debt continues to rise, the question "is college tuition tax deductible?" is becoming more common. Though college tuition is not allowed to be directly deducted from taxes, there are some options. For students and their parents who have an income below a certain threshold, the federal government eases, even if only slightly, the tax burdens on them. The idea is to lower the financial barriers to American students getting a college education. To do this, the IRS offers several tax credits for students and their parents who pay their children's tuition. They also allow taxpayers in that income range to take several tax deductions specific to college students.
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