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8815 2024 Form: What You Should Know
Federal and State Higher Education Tax Breaks If you redeem or pay off a debt within the period of time during which you could have been claiming a State Higher Education Tax Breaks, you may be able to exclude from income part or any tax paid on these qualified student loans. Learn More Treatment of State Higher Education Tax Breaks | The Department of Education State Higher Education Tax Breaks: You may be able to exclude payments you received for tuition, fees, course charges, room and board, and other qualified higher education expenses from your income. For purposes of the State Higher Education Tax Breakdown, any qualified payments that are subject to the tax break (for example, tuition) will be excluded from taxable income. Qualified payments for room and board are excluded from income, where the individual receives them for a qualified education program described in section 3601 of the Internal Revenue Code. For more information, click here. 2018 State Higher Education Tax Breakdowns 2018 Taxable Income Breakdown by State California: Federal and State tax credits; no state income tax Massachusetts | No income tax District of Columbia: Federal tax credit. State income tax is optional for 2018. New Jersey | State tax is optional.
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