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
So it can be claimed through grad school and for courses to acquire or improve job skills, but you're only going to get $2,000 per tax return.
So it's not per student, it's per tax return for the lifetime learning credit.
The other thing that you have to really understand is that IRS rules only allow you to claim one of those credits per eligible student in the same tax year.
So a lot of rules.
So there's a great IRS publication that explains all the rules.
If you're willing to wade through that, it does lay it out.
And that's IRS Publication 970, which they can find online.
For claiming either of these credits, the American Opportunity or the Lifetime Learning credits, that's going to be IRS Form 8863.
And it takes you through what you need to do to be able to claim either credit.
There are also some additional rules that you can't claim either credit if your modified adjusted gross income is $90,000 or more for a single filer or $180,000 or more for a joint filer.
There definitely can be.
Distributions from 529 plans aren't taxable when you use them to pay for qualified higher education expenses, but there are stipulations as to what constitutes qualified higher education expenses.
And if you use these monies for non-qualified expenses or you take too much in distributions, so more than your qualified expenses, you're going to have to be prepared to pay income tax and a 10% penalty.
So again, there are rules on what constitutes a qualified expense.
And when in doubt, always check the IRS rules for this because you don't want to make mistakes because that can be costly in terms of taxes.
But generally speaking, qualified expenses include room and board and tuition.
And a non-qualified expense would be something like travel.
So that's actually a really frustrating point for some families is they don't understand the scholarship rules.
In many cases, institutional or private scholarships and grants aren't going to count as taxable income.
But there are, again, stipulations.
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