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Online Masters Degree Programs

Many people know the salary benefits which come with obtaining a masters degree. Often an increase in pay is a primary motivator for people to enroll in online masters degree programs and seek education beyond their bachelor degree. Some students may be eligible for financial to help finance their online masters degree program. But even if a student does not qualify for federal or state financial aid to assist in paying for enrollment in online masters degree programs, there are several recently enacted tax benefits for students who are returning to school.

The HOPE Scholarship Tax Credit is for a student whose adjusted gross income falls within certain boundaries. Students who qualify receive a 100% tax credit for the first $1000 of tuition and required fees. After that it is 50% credit on the second $1000 for the first two years of college. The maximum allowance is $1500 per year.

Money can be withdrawn by students from IRAs without penalty to pay for higher education costs. This money can be used for schooling expenses for the student themselves, spouse, child or grandchild.

Student tuition and fees, up to $4000, can be deducted from taxable income. This deduction does not need to be itemized on a tax return. Eligibility is limited to adjusted gross incomes of $65000 and under for single students and $130000 for married students.

The Lifetime Tax Credit allows a family to receive a 20% tax credit on the first $10000 of tuition and required fees. A family may only take a maximum credit of $2000 a year but may do so for an unlimited number of years.

These are simply a few of the tax benefits available to students enrolled in online masters degree programs. If you are currently enrolled or will be enrolled soon in a program, a quick web search may turn up even more ways to save money on your taxes by deducting your education costs.

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