Cheryl Winokur-Munk

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1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · College-Related Tax Deductions: Are You Eligible? · 5 Apr 2022 podcast
I don't think people really know what they could be eligible for unless they're in that situation.
Why would you unless it's something you really closely follow?
I mean, they have been highly publicized, but I don't know that people really pay attention.
Some of these rules are just so complicated, whether the maximums on what you have to make and those things like that.
So even if you have some general idea that there are credits and deductions, I don't think that you know necessarily the specifics until you really look into it.
So if you've paid, if you made these student loan repayments, you could be eligible if you, your spouse, or a dependent paid student loan interest last year.
There are, however, some qualifications.
So for instance, the filer's modified adjusted gross income has to be less than $85,000 or $170,000 if filing jointly.
The other thing is this also applies to private loans.
So even if your federal loans were paused
and you didn't make payments there, but you were making private loan payments, you could also be eligible for this deduction.
It does not, which is actually a nice perk for many people.
Sure.
So the first one is called the American Opportunity Credit.
That credit has a higher maximum, which is $2,500 per student, and it can only be claimed for four tax years for the same student.
There are also some additional conditions, such as the requirement to be enrolled at least half-time in a degree program.
But if you're eligible, that's probably the better credit or the more effective credit, I guess I'll say.
You can get more under IRS rules.
The second credit is called the lifetime learning credit.
Now, that one is a little bit broader.
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