Parents of High School Students May Save on Taxes
March 14, 2012 RSS Feed PrintTax day is April 17 this year, the day by which individuals must file their personal income tax returns. Parents of high schoolstudents who have yet to file their taxes should take the time to check out education credits they may be eligible for and to explain the tax-paying process to their teens.
The realm of education tax information "can get pretty dizzying pretty quickly," says Gil Charney, principal analyst at the H&R Block Tax Institute. But there are only a few deductions that apply to beneficiaries in high school.
If parents claim a child on their taxes who is below the age of 18, they may be qualified for a Coverdell Education Savings Account. Much like a qualified tuition program (often called a529 plan), the Coverdell ESA collects money that covers