The executive director of the Iowa College Student Aid Commission says some Iowans my be missing out on important tax benefits that can help them pay for their kid’s college. Gary Nichols says some families don’t take advantage of credits because they assume they don’t qualify. He says they often hear from people who are concerned their sons and daughters don’t qualify for need-based scholarships and grants that’re based income. Nichols says there are federal credits designed for middle-income families. He says there are things such as the Hope and Lifetime Learning Tax Credits available. He says they were specifically enacted by Congress for families that can’t take advantage of Pell Grants and other programs. Nichols says past records show Iowans can gain a lot by using the credits.He says a couple of years ago, almost 100-thousand Iowan families benefited from credits worth 72-million dollars. Nichols says you should research all the potential credits. He says they often refer families to their site www.IowaCollegeAid.org, or he says you can go directly to the irs.gov website to check on credits. Nichols says the Iowa website also has other information about college assistance. Nichols says it’s important that you check out the credits yourself, or ask your tax preparer to research college credits for you.
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