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If I have an Account, will our family be able to invest in an Education IRA or claim federal higher education tax credits?

April 26, 2017able account claim Education family Federal higher education invest IRA tax credits

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If I have an Account, will our family be able to invest in an Education IRA or claim federal higher education tax credits?

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A. Contributions made in the same year to both an Education IRA and the Vermont Higher Education Investment Plan are permitted. In addition, the same expenses cannot count toward multiple education tax benefits, e.g. tax-free treatment from the Plan and the Hope or Lifetime Learning Credit. Please see the Disclosure Booklets for further details. For more information about tax credit eligibility, consult IRS publication 970.