Education-related tax benefits for 2022

Expense deduction rises to $300

As the new school year begins, the IRS reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.

Find out who qualifies and what’s deductible.

College students should study up on two tax credits

Higher education, including specialized job training and grad school, can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing the amount of tax they owe.

Find out more about these credits and which one could lead to a refund of up to $1,000