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Author : Robert Turnage
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.3/5 (121 download)
Download or read book Taking Advantage of New Federal Higher Education Tax Credits written by Robert Turnage and published by . This book was released on 1998 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Linda W. Cooke
Publisher : Nova Novinka
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Higher Education Tax Credits written by Linda W. Cooke and published by Nova Novinka. This book was released on 2006 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Education tax credits were introduced as a new subsidy for higher education in 1997 and have cost, on average, $4.6 billion a year in lost tax revenue since their enactment. The introduction of the Hope Credit and the Lifetime Learning Credit marked a dramatic increase in education spending through tax expenditures. Prior to 1997, tax incentives for higher education expenses totalled less than $2 billion in estimated lost revenue. The education tax credit program expanded the number of federal agencies involved in education policy making and increased the complexity and cost of administering the income tax system. This book provides analysis of the education tax credit program in the context of issues facing Congress in regard to higher education. This report begins with a review of the economic rationale for subsidising education, then describes federal subsidies for education in general and the education tax credits in particular. An analysis of the education credits follows and the report concludes with a discussion of education tax credit policy options. The Taxpayer Relief Act of 1997 established two permanent federal income tax credits, effective since tax year 1998, for qualified post secondary education expenses -- the Hope Scholarship credit and the Lifetime Learning credit. The Economic Growth and Tax Relief Reconciliation Act of 2001 created a temporary higher education tax deduction beginning in 2002. The Hope credit was introduced to help ensure that students have access to the first two years of undergraduate education. The Lifetime Learning credit and tuition and fees deduction provide support for students in any year of undergraduate and graduate study; they are unique in that they are available to individuals taking occasional courses. Only one of the three tax benefits may be taken in the same tax year for the same eligible student's qualified expenses. Key features of the credits and deduction dictate who the provisions benefit and the value of assistance they confer. Among these are the non-refundable nature of the credits (i.e., persons must have income tax liabilities and the liabilities must exceed the maximum amount of the credits in order to claim their full value), the deduction's availability whether or not taxpayers take itemised deductions, and the statutory limits on benefit amounts and on taxpayers' income. Accordingly, middle-and upper middle-income individuals are the targeted beneficiaries of these tax incentives. All three benefits apply to the tuition and fees required for enrolment that are not offset by grant aid (e.g. qualified scholarships) and other tax benefits (e.g. Coverdell Education Savings Accounts and Section 529 Plans). The Hope credit has had a maximum value of $1,500 per student since its inception; the Lifetime Learning credit, $2,000 per return since 2003.
Author : Isaac Mario
Publisher : Nova Snova
ISBN 13 : 9781536160284
Total Pages : 292 pages
Book Rating : 4.1/5 (62 download)
Download or read book Higher Education written by Isaac Mario and published by Nova Snova. This book was released on 2019 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many people in this country grow up dreaming about the college experience, leaving home and starting off in their own world, hoping to obtain the education and skills they need to be successful in life. With over 7,000 post-secondary institutions in the U.S. to choose from, selecting the best schools and finding the best way to pay for it can be a daunting task. The Higher Education Act of 1965 authorises numerous federal aid programs that provide support to both individuals pursuing a postsecondary education and institutions of higher education (IHEs). Chapter 1 provides a brief overview of the major provisions of the HEA. The federal government provides financial assistance to individuals for higher education expenses in two major ways: tax benefits and traditional student aid. Chapter 2 contains a brief overview of the higher education tax benefits that are currently available to students and their families. Chapter 3 provides insights into how prospective students make important decisions that affect their long-term academic and professional futures. An estimated 35 percent of college students transferred to a new school at least once from 2004 to 2009. Chapter 4 examines transfer rates and challenges students face in transferring credits, the possible financial implications of transfer, and the extent to which students are provided with transfer information to help them plan their college path.
Author :
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (3 download)
Download or read book U.S. Tax Guide for Aliens written by and published by . This book was released on 1998 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George Federocko
Publisher : Nova Science Publishers
ISBN 13 : 9781622579228
Total Pages : 0 pages
Book Rating : 4.5/5 (792 download)
Download or read book Tax-based Higher Education Assistance written by George Federocko and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1997, education tax benefits have become an increasingly important component of federal higher education policy. Fourteen tax benefits are currently available for college students and their parents to help pay for higher education. The available tax benefits are a mixture of credits, deductions, exclusions, and other incentives. The benefits can be placed into one of three general categories: incentives for current year expenses, preferential tax treatment of student loans, and incentives for saving for college. This book provides an overview and contrast of higher education tax benefits with traditional student aid; a brief history of higher education tax policy over the past 60 years; a summary of key features of the available tax benefits; and an estimate of revenue losses resulting from individual tax provisions.
Author : Bridget Terry Long
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (519 download)
Download or read book The Impact of Federal Tax Credits for Higher Education Expenses written by Bridget Terry Long and published by . This book was released on 2003 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1997 creation of the Hope and Lifetime Learning Tax Credits marked a dramatic shift in the way in which federal support for college expenses is distributed to students and their families. Unlike other aid programs, the tax credits have exceptionally broad eligibility requirements, and there is a significant delay between when a recipient enrolls in college and when they receive the benefit. When introduced, the projected benefits of the tax credits were $9.7 billion, over fifty percent greater than the total amount spent at the time on the Pell Grant, the primary Federal grant program. This study examines the impact of the tax credits on students, families, colleges, and states. Using several data sources, I analyze the distribution of the benefits and the effect on enrollment decisions and college pricing. Analysis of tax return data suggests that what was intended to be a transfer to the middle class did benefit families with incomes between $30,000 and $75,000 the most. Insufficient tax liability due to low income levels and the interaction of the credits with other aid programs prevents many low-income individuals from qualifying for a benefit. Additionally, many eligible students did not claim a credit, particularly those from minority groups. Further analysis finds no evidence of increased postsecondary enrollment among eligible students in spite of the stated goal to increase access to higher education. On the other hand, some states and public institutions appear to have responded to incentives to increase the prices of colleges at which students face a low marginal cost. However, the results of this analysis are mixed and less conclusive
Download or read book Higher Education Tax Credits written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James S. Catterall
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.F/5 ( download)
Download or read book Tuition Tax Credits written by James S. Catterall and published by . This book was released on 1982 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Margot Crandall-Hollick
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781478326625
Total Pages : 0 pages
Book Rating : 4.3/5 (266 download)
Download or read book The American Opportunity Tax Credit written by Margot Crandall-Hollick and published by Createspace Independent Publishing Platform. This book was released on 2012-07-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Opportunity Tax Credit (AOTC)-enacted on a temporary basis by the American Recovery and Reinvestment Act (ARRA; P.L. 111-5) and extended through the end of 2012 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312)-is a partially refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. The credit, worth up to $2,500 per student, can be claimed for a student's first four years of post-secondary education. In addition, 40% of the credit (up to $1,000) can be received as a refund by taxpayers with little or no tax liability. The credit phases out for taxpayers with income between $80,000 and $90,000 ($160,000 and $180,000 for married couples filing jointly) and is hence unavailable to taxpayers with income above $90,000 ($180,000 for married couples filing jointly). There are a variety of other eligibility requirements associated with the AOTC, including the type of degree the student is pursuing, the number of courses the student is taking, and the type of expenses which qualify. Prior to the enactment of the AOTC, there were two permanent education tax credits, the Hope Credit and the Lifetime Learning Credit. The AOTC temporarily replaced the Hope Credit from 2009 through the end of 2012 (the Lifetime Learning Credit remains unchanged). A comparison of these two credits indicates that the AOTC is both larger-on a per capita and aggregate basis-and more widely available in comparison to the Hope Credit. Data from the Internal Revenue Service (IRS) indicates that enactment of the AOTC contributed to a more than doubling of the amount of education credits claimed by taxpayers. Education tax credits were intended to provide federal financial assistance to students from middle-income families, who may not benefit from other forms of traditional student aid, like Pell Grants. The enactment of the AOTC reflected a desire to continue to provide substantial financial assistance to students from middle-income families, while also expanding the credit to certain lower- and upper-income students. A distributional analysis of the AOTC highlights that this benefit is targeted to the middle class, with more than half (53%) of the estimated $16 billion of AOTCs in 2009 going to taxpayers with income between $30,000 and $100,000. One of the primary goals of education tax credits, including the AOTC, is to increase college attendance. Studies analyzing the impact education tax incentives have had on college attendance are mixed. Recent research that has focused broadly on education tax incentives that lower tuition costs and have been in effect for several years, including the Hope and Lifetime Learning Credits, found that while these credits did increase attendance by approximately 7%, 93% of recipients of these benefits would have attended college in their absence. Even though the AOTC differs from the Hope Credit in key ways, there are a variety of factors that suggest this provision may also have a limited impact on increasing college attendance. In addition, a recent report from the Treasury Department's Inspector General for Tax Administration (TIGTA) identified several compliance issues with the AOTC. There are a variety of policy options Congress may consider regarding the AOTC, including extending the credit, extending a modified AOTC, or repealing the Hope and Lifetime Credits and extending a modified AOTC that includes provisions included in these credits. Alternatively, Congress may want to examine alternative ways to reduce the cost of higher education.
Author : Adam Stoll
Publisher : Nova Biomedical Books
ISBN 13 : 9781590336076
Total Pages : 0 pages
Book Rating : 4.3/5 (36 download)
Download or read book Higher Education Tax Credits and Deductions written by Adam Stoll and published by Nova Biomedical Books. This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides background information for the Higher Education Act (HEA) reauthorisation process about the direct assistance for education expenses provided through the federal income tax system. Key features of the benefits are explored. Also explored is the relationship of the traditional student aid delivery system with the tax system as a conduit for post-secondary education assistance, identifying specific issues that may be important for congressional consideration during HEA reauthorisation. It also presents newly generated estimates of the value of the credits available to varied eligible recipients. In the absence of actual data, modelling approaches that simulate tax credit values offer perhaps the most promising way to examine the targeting of the education tax credits. Two different modelling approaches are applied in the analysis presented in this book.
Author : United States. Internal Revenue Service
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.:/5 (334 download)
Download or read book Individual retirement arrangements (IRAs) written by United States. Internal Revenue Service and published by . This book was released on 1990 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : United States. Department of the Treasury
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (327 download)
Download or read book Estimates of Federal Tax Expenditures written by United States. Department of the Treasury and published by . This book was released on 1975 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George B. Bulman
Publisher :
ISBN 13 :
Total Pages : 69 pages
Book Rating : 4.:/5 (9 download)
Download or read book The Returns to the Federal Tax Credits for Higher Education written by George B. Bulman and published by . This book was released on 2015 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three tax credits benefit households who pay tuition and fees for higher education. The credits have been justified as an investment: generating more educated people and thus more earnings and externalities associated with education. The credits have also been justified purely as tax cuts to benefit the middle class. In 2009, the generosity of and eligibility for the tax credits expanded enormously so that their 2011 cost was $25 billion. Using selected, de-identified data from the population of potential filers, we show how the credits are distributed across households with different incomes. We estimate the causal effects of the federal tax credits using two empirical strategies (regression kink and simulated instruments) which we show to be strong and very credibly valid for this application. The latter strategy exploits the massive expansion of the credits in 2009. We present causal estimates of the credits' effects on postsecondary attendance, the type of college attended, the resources experienced in college, tuition paid, and financial aid received. We discuss the implications of our findings for society's return on investment and for the tax credits' budget neutrality over the long term (whether higher lifetime earnings generate sufficient taxes to recoup the tax expenditures). We assess several explanations why the credits appear to have negligible causal effects.
Author :
Publisher :
ISBN 13 :
Total Pages : 2 pages
Book Rating : 4.:/5 (31 download)
Download or read book U.S. Savings Bonds for Education written by and published by . This book was released on 1992 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (3 download)
Download or read book Tax Withholding and Estimated Tax written by and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Katherine Saunders
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (16 download)
Download or read book Education Tax Credits written by Katherine Saunders and published by . This book was released on 2015 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: Half of all non-loan federal student aid is now offered as tax benefits for educational costs in the form of credits, deductions, and college savings accounts. These benefits help students and families offset the costs of their postsecondary education with tax savings. Yet, as explained in the 2013 report, "Reforming Student Aid: How to Simplify Tax Aid and Use Performance Metrics to Improve College Choices and Completion," under current law, the benefits of these tax incentives overwhelmingly go to students from higher-income families who are already most likely to attend higher education institutions. Moreover, the multiple overlapping tax benefits for higher education add to the complexity of the tax code, and can result in taxpayers not claiming the benefits for which they are eligible. In both the initial report, and a follow-up report from "The Reimagining Aid Design and Delivery (RADD) Consortium for Higher Education Tax Reform," a set of changes is recommended, that would both simplify the package of education tax benefits and increase the extent to which they assist students in low- and moderate-income families. With the increased need to make college more affordable for low-income students and their families, policymakers are rightfully paying attention to this issue. In the previous Congress, Representatives Diane Black (R-TN) and Danny K. Davis (D-IL) introduced H.R. 3393, the Student and Family Tax Simplification Act, which combined several tax provisions into an enhanced American Opportunity Tax Credit (AOTC). President Obama's proposed budget for 2016, released in February, contains a proposal that builds on this bill. And in March, Representative Lloyd Doggett (D-TX) introduced H.R. 1260, The American Opportunity Tax Credit Act of 2015 and Senator Charles Schumer (D-NY) introduced S. 699, The American Opportunity Tax Credit Permanence and Consolidation Act of 2015 that takes the current AOTC one step further by increasing and expanding current eligibility limits. While all of these proposals are designed to make the AOTC permanent, to simplify the tax code by consolidating benefits, and to increase the extent to which students and their families who do not have federal income tax liability can benefit, they vary in the details. This brief explains the tax provisions that would be affected by these proposals, compares them all, and examines how different types of students would be affected under each proposal.
Author : Crandall-Hollick
Publisher : CreateSpace
ISBN 13 : 9781505552720
Total Pages : 28 pages
Book Rating : 4.5/5 (527 download)
Download or read book The American Opportunity Tax Credit written by Crandall-Hollick and published by CreateSpace. This book was released on 2015-01-03 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Opportunity Tax Credit (AOTC) is a temporary tax provision that provides financial assistance to taxpayers whose children (or who themselves) are attending college. The AOTC is scheduled to expire at the end of 2017, at which point Congress may allow the provision to expire, extend the provision in its current form, or extend a modified version of the AOTC. In light of increased congressional interest in reforming the tax code, policy makers may choose to consider modifying the AOTC in conjunction with other education tax benefits.1 The Joint Committee on Taxation (JCT) estimated that all education tax benefits for individuals cost $46.7 billion in 2014. Higher education tax credits, of which the AOTC is the largest, accounted for $24.5 billion (52%) of the total
