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I thought that since I paid $5k towards my daughter's college tuition, that I would get a fed. tax credit.

 
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I thought that since I paid $5k towards my daughter's college tuition, that I would get a fed. tax credit.


The tuition and  fees deduction, PMI, energy credits and other deductions  expired on Dec 31, 2016 and were not renewed by Congress in the December tax bill, however, in the The Bipartisan Budget Act of 2018 that was signed into law on Feb 9th those deductions and others were made retroactive for 2017.

Before you can add any of  those deductions the changed forms must be updated to comply with the new law.  That might take a while.  The IRS must write the new rules, issue electronic specifications for the new forms and approve them before TurboTax and other e-file providers can add them.  If history is any guide, that process can take 1 to 2 months.  It usually takes TurboTax 10-14 days after the IRS issues the specifications.  (Its taking the IRS three months to issue some the forms that the Dec tax law changed.)

The IRS says: 
https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

Nothing can be done until the IRS acts and issues the new form specifications.

https://ttlc.intuit.com/replies/6585982


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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2 Replies

I thought that since I paid $5k towards my daughter's college tuition, that I would get a fed. tax credit.

Is she your dependent?    You can only claim educational credits for a dependent.

You might qualify for the AOC or Lifetime credits.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

I thought that since I paid $5k towards my daughter's college tuition, that I would get a fed. tax credit.


The tuition and  fees deduction, PMI, energy credits and other deductions  expired on Dec 31, 2016 and were not renewed by Congress in the December tax bill, however, in the The Bipartisan Budget Act of 2018 that was signed into law on Feb 9th those deductions and others were made retroactive for 2017.

Before you can add any of  those deductions the changed forms must be updated to comply with the new law.  That might take a while.  The IRS must write the new rules, issue electronic specifications for the new forms and approve them before TurboTax and other e-file providers can add them.  If history is any guide, that process can take 1 to 2 months.  It usually takes TurboTax 10-14 days after the IRS issues the specifications.  (Its taking the IRS three months to issue some the forms that the Dec tax law changed.)

The IRS says: 
https://www.irs.gov/newsroom/irs-statement-on-retroactive-extender-provisions

Nothing can be done until the IRS acts and issues the new form specifications.

https://ttlc.intuit.com/replies/6585982


**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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