Essential Tax Filing Tips for College Students and Their Parents

As the tax season progresses, experts emphasize the importance of understanding dependency status and maximizing education credits.

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.