My parents claim me as dependent, but they probably don't get deductions on my tuition/books expenses due to their income bracket. I was wondering if I should even enter those expenses while filing my taxes or should I not even enter those expenses as my parents are paying for my tuition/books/expenses and not me? The only income I have had in 2017 is $11800 in summer internship.
Unfortunately, if the student is a dependent, they cannot claim any education expenses or receive education credits on their tax return. Only the person who is claiming the student as a dependent can claim the education expenses and credits.
You're right. Since you can't claim the deduction, don't bother with the expense. No matter who pays for the education expenses (even grandma or a stranger), the one claiming the student (parents or self), claims the tuition credit.
Please feel free to post any additional details or questions in the comment section.
Unfortunately, if the student is a dependent, they cannot claim any education expenses or receive education credits on their tax return. Only the person who is claiming the student as a dependent can claim the education expenses and credits.
You're right. Since you can't claim the deduction, don't bother with the expense. No matter who pays for the education expenses (even grandma or a stranger), the one claiming the student (parents or self), claims the tuition credit.
Please feel free to post any additional details or questions in the comment section.
Thank you very much! That was helpful. So, I understand from your message that I don't have to enter any of my tuition/books expenses while filing my taxes. Secondly, my employer from summer internship did not withold federal taxes though they withheld Social security taxes and medicare tax , so I guess I will have to pay that now as TurboTax freedom shows that I owe around $500 in taxes.?Thirdly, even though my parents are claiming me as dependent, they are unable to get any deductions on my tuition fees/expenses, would that depend on their income bracket or do people not get deductions on tuition fees/expenses? Thanks again for all your valuable advice.
More than a pleasure.
"I don't have to enter any of my tuition/books expenses while filing my taxes." -- Correct
"My employer from summer internship did not withhold federal taxes though they withheld Social security taxes and Medicare tax, so I guess I will have to pay that now as TurboTax freedom shows that I owe around $500 in taxes" -- That's reasonable for the $12k income AND being a dependent.
"they are unable to get any deductions on my tuition fees/expenses" -- You correctly assumed in your original questions. Not being able to claim the Education Credit is often a function of too high of an AGI. To qualify, your modified adjusted gross income is $90,000 ($180,000 if married filing jointly) or less (The credit is reduced between $80,000 and $90,000 ($160,000 and $180,000).
Hope this helps!