The National Association of Student Financial Aid Administrators (NASFAA) has released a series of guides to inform families about tax benefits that could help them afford college.
This is right on time, in light of Oregon Senator Ron Wyden’s recent request that a Treasury Department official work with school guidance counselors to share information with parents about available tax benefits.
“While financial aid administrators are not tax experts, they are committed to providing students with resources to help them make use of all federal benefits available to help defray the cost of college,” said NASFAA President Justin Draeger in a statement.
The NASFAA notes a College Board study, which states that on average, education tax benefit recipients saved over $1,400 in 2011.
If you need to amend your 2013 tax return in order to take advantage of these benefits, use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended tax return.
You must file your amended return within three years from the date you filed your original tax return or within two years of the date you paid your tax bill. You can use the IRS tool, “Where’s My Amended Return?” to track the status of your amended tax return.