Overview

• Tax professionals advise college students and their parents to double-check all tax forms and understand dependency criteria before submitting.
• Eligibility for education tax credits, such as the American Opportunity Credit and Lifetime Learning Credit, can significantly reduce tax burdens.
• Students must ensure they have all necessary tax forms, including those not mailed but available through college portals.
• Understanding state residency requirements is crucial for students claiming in-state tuition in a different state from their parents.
• Utilizing a 529 account effectively can offer tax-free distributions and include expenses like room and board.