My son has a college bill of about 30,000 for TY 2021. I have paid about 15,000 of it and he has paid 15, 000 of it directly. He is 18 so I claim him as a dependent. However, he has income of about 40,000 for this year.
Could someone please tell us what tax, credits deductions AOTC, LLC etc can each of us claim (we as parents on our taxes and he as a tax filer for his 40K income for 2021).
We understand that double dipping is not allowed. However, what happens when we shoulder half the college expense and he does the rest? Our income is around 90K joint so we certainly do benefit from any of these deductions or credits.
Thanks in advance for your help..
