The 7 tax deductions you shouldn't overlook
Education
Student loan interest is commonly missed, Steber says. Parents contributing to a child's college education can choose to take a tuition and fee deduction of up to $4,000, or can take tax credits, he says. The American Opportunity Tax Credit is for up to $2,500 per student for the first three years of college, and the Lifetime Learning Credit is for up to $2,000 per family for every additional year of college or graduate school, Rosen says.
