Monday, September 12, 2005
The GAO has concluded that over a quarter (many millions) of eligible American families failed to take educational tax incentives that they were entitled to during the last few years. A major concern is the complexity of the rules governing these provisions. Among the tax breaks in question are the Hope and Lifetime credits and a 2001 tax deduction for tuition. As a college faculty member, this obviously hits home. Many college students are struggling to make ends meet; they don't need to be missing out on legitimate credits or deductions.