Are there any tax breaks for college tuition?

Yes, there are a few tax breaks available for college tuition in Washington. The most well-known is the American Opportunity Tax Credit (AOTC). This is a tax credit of up to $2,500 per year for eligible college expenses like tuition, fees, and books. The AOTC is available to tax filers who are actively enrolled at least half-time in a program leading to a degree or other recognized credential. Washington also offers the Working Families Tax Exemption (WFTE), which is a refundable tax credit of up to $1,500 per student. It is available to qualified individuals and families who have a high income but also pay a large proportion of their income on college tuition. Finally, Washington provides the Student Loan Interest Deduction (SLID) for student loan interest payments. The SLID allows eligible taxpayers to deduct up to $2,500 a year from their taxable income for student loan interest payments. In summary, Washington provides a few key tax credits and deductions that can help reduce the burden of college tuition. The American Opportunity Tax Credit, Working Families Tax Exemption, and Student Loan Interest Deduction can all help taxpayers save money on tuition expenses.

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