Making college more affordable

The Taxpayer Relief Act of 1997 includes a variety of tax benefits for college-bound students and their families. These include the Hope scholarship and lifetime learning credit, the education "IRA," penalty-free IRA distributions, a deduction for interest on education loans, and improveme...

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Bibliographic Details
Published inJournal of Accountancy Vol. 185; no. 3; p. 37
Main Author Bryant, Jeffrey J
Format Trade Publication Article
LanguageEnglish
Published New York American Institute of Certified Public Accountants 01.03.1998
Subjects
Alternative minimum tax
Baby boomers
Beneficiaries
Community colleges
Education expenses
Higher education
Individual retirement accounts
IRA
Learning
Liability
Low income groups
Scholarships & fellowships
Student loans
Tax benefits
Tax credits
Tax increases
Taxpayer Relief Act 1997-US
Taxpayers
Tuition
Withdrawals
United States > US
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Summary:The Taxpayer Relief Act of 1997 includes a variety of tax benefits for college-bound students and their families. These include the Hope scholarship and lifetime learning credit, the education "IRA," penalty-free IRA distributions, a deduction for interest on education loans, and improvements to qualified state tuition programs. Each of these tax benefits is described, followed by an analysis of the opportunities and limitations. In addition, the provisions' compatibility with the others is discussed.
ISSN:0021-8448
1945-0729