College Education And Tax Exemptions?

Question

Can my parents get a tax exemption if I am attending a public four-year university?

Answer 1

If you are a dependent of your parents, and you or your parents paid tuition and fees for attendance at a university (or other institution of higher education), your parents may be qualified to receive a reduction in tax.

The reduction in tax is by means of the Hope Credit, Lifetime Learning Credit, or Tuition and Fees Deduction.  The benefit can be worth up to $2,000 in reduced taxes.

Answer 2

I assume by tax exemption you mean are they still able to claim you as a dependent?  If you're attending school full-time and are under age 24, in most cases they should still be able to claim you as a dependent.

In addition, your tuition and mandatory fees expenses can be used to claim an Education Credit or Deduction.  

Answer 3

Your parents can claim you dependent and get exemption if they meet the requirements. Read: http://taxipay.blogspot.com/2008/03/requ...