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What payments are considered qualified for tax credits and tax deduction?

April 26, 2017PAYMENTS qualified tax credits tax deduction

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What payments are considered qualified for tax credits and tax deduction?

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Qualified payments for calculating tax credits/deductions include the following: • Personal earnings • Personal savings • Loans • Gifts • Inheritance Ineligible payments for calculating tax credits/deductions: • Grants • Scholarships • Tax-free distributions from an Education IRA • Tax-free employer provided educational assistance • Other forms of financial aid (which you are not required to repay)