Jerry Sung CPA & Associates

! 1. 529 , . -EARNINGS IN 529 PLANS ARE NOT TAXABLE. THE MONEY GROWS TAX-FREE AND WITHDERAWALS ARE NOT TAXABLE AS LONG AS THE MONEY IS USED FOR ELIGIBLE COLLEGE EXPENSES.... 2. , . -THE COST OF PRIVATE SCHOOL OR PAROCHIAL SCHOOL TUTION IS NOT DEDUCTIBLE. HOWEVER, THE CHILD CARE COMPONENT COSTS OF PRIVATE SCHOOL TUITION FOR CHILDREN UNDER 13 MAY QUALIFY THE TAXPAYER FOR A TAX CREDIT. 3. / . -STUDENT LOAN INTEREST IS DEDUCTIBLE ABOVE THE LINE. THERE IS A STUDENT LOAN INTEREST DEDUCTION OF UP TO $2,500 FOR PAYING INTEREST ON A STUDENT LOAN USED FOR HIGHER EDUCATION. 4. AMERICAN OPPORTUNITY TAX CREDIT (AOTC) -YOU ARE REQUIRED TO HAVE 1098-T FORM -AOTC CAN AMOUNT TO $2,500 IN TAX CRDITS PER ELIGLBLE STUDENT FOR FIRST 4 YEARS OF POST-SECONDARY DEUCATION. UP TO 40% OF THE CRDIT IS RREFUNDABLE (MAY RECEIVE UP TO $1,000) 5. LIFETIME LEARNING CREDIT -UP TO A MAXIMUM OF $2,000 CRDIT FOR QUALIFIED EDUCATION EXPENSES -NONREFUNDABLE CREDIT OF 20% OF MAXIMUM $10,000 IN QUALIFIED EDUCATION EXPENSES

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2017 , 1 23 . IRS 2017 2017 1 23 418 . (415 IMMEDIATELY FOLLOWING WORKING DAY 4 17 17 DC 4 18 .) 2 27 .... IRS Says 2017 Tax Season Starts January 23 The internal Revenue Service said Friday that next tax season will begin on Monday, Jan. 23, 2017, while warning some taxpayers to expect longer waits for their tax refunds. The tax day deadline will be April 18.