EE bond

[sonicagu]

My dad paid part of my tuition from EE bond and it has an interest. I paid part of tuition with my money. My dad cannot claim me as a dependent because I am 24. Can my dad claim the bond interest for my tuition, and can I also get the lifetime education credit?

[Hal_Al]

Q.  Can my dad claim the bond interest for my tuition?

A. No. He  can  only take the exclusion if  he paid qualified higher education expenses in that same tax year for himself, his  spouse, or his dependents.

Q. Can I get the lifetime learning credit (LLC)?

A.  Yes, even though he paid your tuition. Although the general rule, in taxes, is that you must be the one making the payment, to get the deduction, there is an exception for education.

 If he did qualify for the bond exclusion, you would not have been allowed to ALSO  claim the same expenses for the LLC

[JillS56]

Your dad cannot claim the interest for your tuition since he is not claiming you.  If he claimed you as a dependent then he would report the bond interest as income and then if you have a 1098-T then he could claim the credit for the AOTC or Lifetime Learning Credit, depending on whether you are in an undergrad or graduate program.  If undergrad program, how many years has the AOTC been claimed?   If 4 years have been claimed, then only the lifetime learning credit is available.

If you are not claimed by your parents, then you can claim the education credit on your return.   If the AOTC has been claimed for 4 years, then you can use the lifetime learning credit to claim the education credit.  Also, you can only claim the lifetime learning credit if you are in a graduate program.