Can I claim the tution fees I paid for my son on my taxes?

Question

My son who is 18 will be joining a university in Ohio where I live. I will be paying his dorm, tuition fees etc., since he will be a full time student.

I will be spending about 20 K per year starting this fall.

Can I deduct tuition expenses from my income while filing taxes next April?

Any comments or feedback will be greatly appreciated.

Thanks

Ram

Answer 1

Not exactly.  But if he is your dependent, you can take an Education Credit for part of his tuition and fees, not his other expenses like dorm costs.  You'll use form 8863.  Compare that to the benefit you would get from the tuition and fees deduction, and take whichever gives you the most tax savings.  Remember that the tuition and fees deduction is a DEDUCTION so its value is the amount times your tax bracket, where the Education Credits come directly off your taxes.

Answer 2

if you are taking him as a dependent you may claim the tuition fees.  If you are providing more than half of his support you would be permitted to take him as a dependent until he is 25 if he remains in school.

Answer 3

In 2007 you can deduct Qualified Education expenses for Tuition and fees required for enrollment or attendance at any eligible postsecondary educational institution for yourself, your spouse or your dependent for whom you claim an exemption. The maximum benefit allowed is that it can reduce your taxable income by $4,000.

It is shown as adjustment to income on Form 1040, line 34 or 1040A, line 19. //np  For this you need to do Form 8917 (Tution and Fees Deduction).

No Double Benefit is allowed for example you can't get Hope or Life time learning credit. You can not claim this deduction if

*your filing status is married filing separately,

*Another person can claim an exemption for you as a dependent,

*Your modified AGI is more than $80,000 ($160,000 if married filing a joint return,

For requirement to claim you son as dependent, read

http://taxipay.blogspot.com/2008/03/requ...  

Answer 4

There are 3 ways to handle education credits/deductions. How you deduct it depends on your income. The Hope Credit can only be used the first 2 years of school in a qualified program and the student cannot have a felony on their record. The Lifelong learning isnt as strict. These 2 credits come from your tax liability. They will both phase out depending on your income. The tuitiion and fees deduction comes off your 1040 to reduce your income instead of your tax liability. It make your adjusted gross income less. This works best if your income is too high. Only expenses the school bills you for in tuition is deductible. Room and board is not deductible in any way because no matter where you are you need food and a place to sleep. Supplies are only deductible if the school requires them and the fee is paid directly to the school. It cannot be books purchased in the campus or off campus bookstore.

Answer 5

Yes, you certainly may deduct his tuition and fees.

There are three options:  Tuition and Fees Deduction, Hope Credit, Lifetime Learning Credit.  

Whether or not you will be able to deduct dorm fees will depend upon whether there are scholarships/grants applied towards those or not.

What the best option for you is should be determined by you and your tax preparer after you have gathered all information regarding your income and all allowable deductions appropriate to your situation.