If you, your spouse, or your dependent enroll in and attend a New Jersey institution of higher education, you can deduct up to $10,000 for tuition costs paid during the year. Here are some key points:
- For Tax Year 2022 and forward, The New Jersey College Affordability Act allows for three Income Tax deductions for those who file tax returns showing gross income of $200,000 or less.
- Deductions include contributions to an NJBEST 529 savings plan, payments made for an NJCLASS student loan, and tuition costs for New Jersey colleges and universities.
- New Jersey Better Educational Savings Trust (NJBEST) You can deduct up to $10,000 of contributions made during the year into an NJBEST account.
- New Jersey College Loans to Assist State Students (NJCLASS) You can deduct up to $2,500 of principal and interest paid on student loans during the year under NJCLASS if your gross income is $200,000 or less.
- New Jersey Higher Education Institution Tuition Costs - If you, your spouse, or your dependent enroll in and attend a New Jersey institution of higher education, you can deduct up to $10,000 for tuition costs.
For more detailed information, you can refer to:
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