Many people join the service to get an education and to help pay for college. If you are a veteran and you decided to go to school, you can assist in funding your education while you are in the service by signing up for the Montgomery GI bill benefits. There are also different tuition assistance type programs that you can qualify for when you join the military that you could not qualify for previously.
School is very important, but when you choose to serve your country there are programs such as the Montgomery GI benefits, and Tuition assistance benefits that allow you to attend classes many times when you could not afford to. Other kinds of programs are out there that allow a person to get different benefits and financial funding that will assist their education. Some of them are in the form of deductions that you can take off the top of your annual tax bill, that helps make for a great start financially each year. A person can save as much as Four Thousand Dollars toward their education each year. Here are a couple of the programs that are available:
The Lifetime Learning Credit- You cannot claim the deduction if any of these conditions are true, you earn more modified gross than $80,000 dollars, you are claimed on anyone else?s tax return (such as your parents) or if you have to file separately as a married person, or last if you are a alien or non resident. If you have these conditions then you may not qualify and its most likely that you cannot apply for this tax reduction. The Hope Learning credit deduction. These are excellent programs, but they have limits. For others, there is a more basic tax deduction that you can qualify for if you meet a certain number of qualifications. If you are paying expenses for an eligible student, and you pay for the expenses for education at a qualified institution of higher learning, and the student is yourself, your dependent, or your spouse, then you may be eligible to claim up to $4,000 off your tax bill. Costs for fees, and tuition are deductible, and these costs for first three months of 2008 are also eligible. You cannot claim tuition paid by tax-free funds such at Montgomery bill, military TA, or federal financial aid. To qualify for the possible $4,000 dollar deduction you have to not earn more than $65,000 dollars a year gross income. The maximum that you may be allowed to claim is $4,000 dollars. If this amount was over $4,000 dollars you could only claim the first $4,000 dollars.
For example if your tuition is $15,000 dollars a year, and you pay for nearly all of it, $12,000 dollars with financial and military educational aid, then all you can claim is the remaining $3,000 dollars.