Qualified Higher Education Expense

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Qualified Higher Education Expense

Tuition and related expenses that one pays to a university, college, technical school, or other post-secondary institution. Most of the time, qualified higher education expenses are tax deductible, and one may also be able to deduct the interest on savings bonds if the proceeds are used to pay for these expenses. See also: 529.
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Qualified higher education expenses include tuition, fees, books, supplies, and equipment required for a designated beneficiary at an eligible educational institution.
Account owners pay no taxes on account earnings, and withdrawals used for qualified higher education expenses are exempt from both federal and state taxes.
All or part of the interest on these bonds is exempt from tax if qualified higher education expenses are paid in the same year the bonds are redeemed.
Although you do not receive any Federal tax deduction for the contributions you make to these plans, the distributions are generally tax free to the extent that you use them to pay for qualified higher education expenses.
529 Plans can be used to help pay the costs of qualified higher education expenses at colleges nationwide.
15) This section excludes from the gross income of any individual who pays qualified higher education expenses during the year any income received from the redemption of any qualified U.
The Lifetime Learning Credit is worth up to $2,000 per taxpayer for qualified higher education expenses such as tuition or books.
Earnings in the account grow free of federal and Wisconsin state taxes and can be used to pay for qualified higher education expenses.
There is no penalty for early withdrawal of IRA funds for first-time homebuyers and qualified higher education expenses incurred by the IRA owner, spouse, child or grandchild of the owner or spouse.
Investments in so-called "529 college savings plans" can be used for qualified higher education expenses including tuition, room, board and textbooks.
Current law states that Section 529 distributions that ate used to pay qualified higher education expenses are exempt from federal income tax.
31) Under the prepaid tuition plan, a contributor purchases tuition credits or certificates on behalf of a designated beneficiary, which entitles the beneficiary to the waiver or payment of qualified higher education expenses.

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