With service in the United States military, many young people are working to try and manage a full time career in the enlisted service, and also trying to qualify for educational benefits. Many try to wait to attend school till after their service commitment or enlistment is up, and others try to do both. Either way you turn, there are active duty benefits and a number of Tax financial benefits for education that you will benefit from, if you are aware of them and make yourself available for their benefits. You can qualify for tuition assistance, and elements of the Montgomery GI bill for benefits that will assist you in going to school and being able to attend school when you often would not be able to.
Direct financial benefits are also available to any Veteran who is going to college, and these are benefits that can be advantageous in terms of tax liability that can help you safe money. Some of these benefits are available in the form of tax deductions that you can take off the top of your annual tax return, to receive direct support and financial tax benefits more immediately instead of later. These are financially lucrative, and can offer you tax benefits that can help get you off to a great start financially each year that you qualify. In some cases you may qualify for the Hope Learning Credit, or the Lifetime Learning credit. This can be up to $4,000 dollars off your taxes. If you are paying expenses for an education at an institution that qualifies you may be eligible for $4000 dollars off of your tax bill. This is a specific deduction that you cannot claim if any of the following conditions are true; you are claimed on someone else’s tax return, you earn more than $80,000 dollars in a year, if you are a resident alien or not a citizen, or if you are married filing separately then these are all conditions that would disqualify you. Otherwise you qualify for a large possible tax return benefit.
The maximum that you are allowed to claim on your taxes in a fiscal year is $4000 dollars. Cost of different tuition, fees, and other qualified education related costs are eligible to claim in certain situations.