Carl
Level 15

Education

Yes, that particular foreign college is a qualified institution.  It's on the list at https://ifap.ed.gov/ifap/fedSchoolCodeList.jsp so you're good. All qualified education expenses can be claimed on your (the parent's) tax return with no issues. You'll convert your cost from sterling pounds to dollars, the exact opposite way your dollars were converted to sterling. If you used a credit card or something of that nature, then your statements should show the converstion rate. Otherwise, if you did some other type of monitary transfer (such as a wire transfer) then your transaction paperwork should show the conversion rate.

Note that qualified expenses for schoarships, grants, and money paid out of your pocket are tuition, books, lab fees. That's it.

For expenses paid with 529 funds and reported to you on a 1099-Q, your qualified expenses are tution, books, lab fees "AND" room & board.

Transportation costs are not deductible at all unfortunately.

View solution in original post