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I paid 2,000 towards my oldest sons college expenses, Can i or Should I claim this?
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I paid 2,000 towards my oldest sons college expenses, Can i or Should I claim this?
In order to claim a tuition credit or deduction, the student must be your dependent. If he does not qualify as your dependent, he may count the $2000 you paid toward claiming the credit on his return*. If he is some other person's dependent (e.g. other parent) that person may claim your $2000 to get the credit for himself. It's one of the very few times you can count other people's money to claim a tax credit.
* A full time unmarried student, under age 24, is only eligible for the refundable portion of the American Opportunity Credit, on his own return, if he supports himself by working (earned income).
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I paid 2,000 towards my oldest sons college expenses, Can i or Should I claim this?
If you paid fees during 2019 and IF you are claiming the student as a dependent, take the expense. If you are NOT claiming the student as a dependent, you can NOT claim the expenses.
Here is a wealth of information by the IRS at this education-credits-questions-and-answers link.
You claim education expenses the year they are incurred. Often, parents will pay for the upcoming semester in December of the year before classes begin.
Any money spent in 2018 would need to go on a 2018 return. You can amend your return by following this link for amending instructions. Often parents will forego the first semester of college in order to possibly claim 4 full years of credit.
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