Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: fester78 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121568  
Subject: tax laws on college educations Date: 4/26/2000 7:48 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I am 21 years old and I am planning to attend a state university next fall. I want to know if there is a way to put money away, possibly in some kind of an IRA, in order to avoid paying tax on it, if I am going to use the money to pay for my education. Also, I would like to know if you do in fact get taxed on the money that you use for your own education, and if so, are there any ways to get around it? What would be the best way for me to solve my problem?
Print the post Back To Top
Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35058 of 121568
Subject: Re: tax laws on college educations Date: 4/27/2000 12:35 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
<< I am 21 years old and I am planning to attend a state university next fall. I want to know if there is a way to put money away, possibly in some kind of an IRA, in order to avoid paying tax on it, if I am going to use the money to pay for my education. Also, I would like to know if you do in fact get taxed on the money that you use for your own education, and if so, are there any ways to get around it? What would be the best way for me to solve my problem? >>

It's too late for you to take advantage of the methods of providing tax-free income to pay for higher education. There is no general exemption for funds used to pay for college.

There are education credits that you may benefit from. You can check them out in the Credits and Deductions section of the FAQ and in IRS Publcation 970.

TMF ExRO
Phil Marti

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement