The tax law provides individuals with a number of ways to save for a child's college education, such as the Coverdell Education Savings Account (formerly known as the Education IRA), the Education Savings Bond Program and Qualified Tuition Programs (also called 529 plans). The law also provides some individuals with tax breaks while the child is in school, such as the American Opportunity Tax Credit, the Lifetime Learning Credit, and a federal income tax deduction for higher education expenses. It is important that you become familiar with these and other provisions of the law in order to optimize the tax-saving strategies that fit your situation.
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