I paid a deposit of $500 in November of 2020 for my son to attend a college beginning in the fall of 2021. Is this deductible for either the 2020 or 2021 tax years?
I paid a deposit of $500 in November of 2020 for my son to attend a college beginning in the fall of 2021. Is this deductible for either the 2020 or 2021 tax years?
It should be part of your son's 2021 Form 1098-T that will be reported on your 2021 tax return along with the rest of his education expenses assuming you will be claiming him as a dependent. Since he will be starting school in the fall of this year, 2021 will be the first year of his educational credits.
I paid a deposit of $500 in November of 2020 for my son to attend a college beginning in the fall of 2021. Is this deductible for either the 2020 or 2021 tax years?
Technically, no. Payments must be for the current year or the first term of the following year (starting Before April 1).
But, as DawnC said, if they include it in box 1 of your 1098-T, you can probably count it.
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