deductions

Forum|Forum|1 year ago
January 27, 2025
2 replies
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What specific deductions can be taken for a college student living at home for taxes?

Best answer by Hal_Al

There are no actual deductions. But, there are two tuition/ education credits. Qualified educational expenses (QEE) include, tuition, fees and course materials (mainly books and a computer).

But, there's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.

You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.

Hal_Al

Answer

Level 15

There are no actual deductions. But, there are two tuition/ education credits. Qualified educational expenses (QEE) include, tuition, fees and course materials (mainly books and a computer).

You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.

xmasbaby0

Level 15

If you are claiming your college student as a dependent you can look at the education credits such as American Opportunity Tax Credit. Do you have a 529 Plan that is being used for any of his expenses?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualified-education-expenses-american-opportunity/L4y6Sjdx6_US_en_US?uid=m5zq0i8s

IS ROOM AND BOARD DEDUCTIBLE?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/room-board-deductible/L2lr8ryp2_US_en_US?uid=m5zq7xdl

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/eligible-take-american-opportunity-tax-credit/L8ZQFKvLe_US_en_US?uid=m6efibfz

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualified-education-expenses-american-opportunity/L4y6Sjdx6_US_en_US?uid=m6efmvbn

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**