No, you don't deduct the deposit.
You will begin reporting his college expenses next year, using a document his school will provide called a 1098-T. Schools tend to provide these via student accounts, typically, so you may have to ask your son to retrieve it for you after year-end.
Reporting college expenses and scholarships on your tax return can be a bit daunting, especially the first year, but we have many experts and Community contributors who are well-versed in this area who will offer you guidance and support if needed when you file next year.
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