Tax Incentives for Education
Between federal and state taxes, most of you end up missing at least 33% of your gross income. In August of 1997, the Taxpayer Relief Act of 1997 was signed into law. The benefits of this new law include education tax credits, a new education IRA, penalty-free withdrawals from traditional IRAs for education expenses and a deduction for student loan interest. The following information will help you determine which benefits apply to you and your family.