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Biden to Forgive Student Loans in August 2022?

  Alright folks I’m back with another student loan update! According to CNBC, Biden is set to make a decision on student loan forgiveness by the end of August 2022. Now while I’m not entirely sold that this is actually happening, there are several things for you to be aware of. First things first there is still no clear information on how much will be forgiven. While Biden did discuss student loan forgiveness of $10K during his campaign trail other sources have reported higher amounts of 50K. Of course, none of this is set in stone and we are all waiting to hear something. This is a thumbnail of my latest YouTube video on “Biden to Forgive Student Loans in August?” I am looking at the camera suspiciously while seated in my office. The background is red. There may also be income restrictions of who may qualify for student loan forgiveness. Single folks may have a threshold of 125K-150K while those who are married may be between 250K-300K. There is also some talk surrounding what typ

Tax Tips for Students 2022 (1098-T and 1098-E)

 

Tax season is here and it’s that time again to gather all of your documents to submit to the IRS! The IRS officially opened for tax season on January 24, 2022 and for students, there may be a few additional items that you should submit to maximize your credits and deductions. After successfully completing my taxes, I decided to give you a few tips on the documents that are needed. My most successful video on YouTube with over 5K views focused on this topic so here are a few updates for this tax season!


Figure 1: This is a thumbnail of my latest video “Tax Tips for Students 2022 where I am smiling while looking at the camera. I am wearing a brown sleeved shirt while seated in my office.

 

What Documents Do You Need?

1.      1098-T: This is your tuition statement from your university regarding how much you paid for your tuition and the scholarships/grants that you received.

2.      1098-E: This is your student loan interest statement from your student loan holder if you paid interest towards your student loans.


Figure 2: This is a blank 2020 1098-E tax form.

 

How Will I Get These Documents?

1.      1098-T: This will come from your university via email, mail, or under your student account.

2.      1098-E: This will come from your student loan holder via email, mail, or under your account.


Figure 3: This is a photo of a white envelope on a blue background used to portray an email.


When I Receive These Documents?

You will receive each of these documents by January 31, 2022 so be sure all of your methods of communication are up to date.

 


Figure 4: This is a photo of a calendar were January is at the top and the number 31 is at the bottom.


What Tax Credits Do I Qualify For?

1.      American Opportunity Tax Credit (AOTC): An up to $2,500 tax credit for qualified educational expenses for students in the first four years of their education.

2.      Lifetime Learning Credit (LLC): Worth $2,000 per tax return for qualified education expenses to help pay for undergraduate, graduate, and professional degrees. 

Figure 5: This is a photo that reads “Tax Credits” spelled out in block letters on a brown background.

 

What is the Difference Between the LLC and the AOTC?

Check out this link from the IRS.

 

Have you filed your tax return already? What tax credits did you utilize? Drop down in the comments and let me know! Oh and Ms. Duggan is not a tax professional so direct all of your tax questions to your trusted tax professional. This blog and video are for informational purposes only!  Want to be the first to hear news from Ms. Duggan regarding your educational needs?  Be sure to subscribe to my email list there’s even a freebie included! 




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