Education Students Taxes: Education Tax Credits, Deductions, & FAFSA Students Reduce Your Income Taxes By Claiming Education Credits and Deductions. There Are Also Tax Breaks for Tuition and Scholarships. How to Claim Tax Deductions and Credits as a Student in College Student Tax Deductions Let You Keep More of Your Money. See Education Expenses You Can Deduct from Your Taxes; Plus, Student Tax Credits. Education Related Student Tax Credits to Claim on Your Tax Return Student Tax Credits: the American Opportunity Credit or Lifetime Learning Credit are Tax Savers. See If You Qualify For These Education Credits. Education Tax Savings Plans & Accounts-529, Coverdell, ESA Benefits of Tax-Free Student Savings Plans. Do you Contribute to a 529 College Savings Plan or Coverdell Educational Savings Account? Qualified Above-the-Line Teacher and Educator Tax Deductions Qualified Teacher, Educator Expenses and Deductions on IRS Income Tax Returns. Report Unreimbursed School, Trade, and Teaching Expenses. TurboTax® is a registered trademark of Intuit, Inc. H&R Block® is a registered trademark of HRB Innovations, Inc.