Yes, paying for your son's College tuition is deductible. He should also receive a Form 1098-T, Tuition Statement which reports the amount of qualified
education expenses paid by the student (or you) during the tax year. Educational
institutions you paid tuition to should send you this form by January
31.
Yes, you can still claim your son as a dependent under the
Qualifying Child rules. Your son can also file his tax return and
receive a refund of the taxes withheld. However, he must indicate on this tax
return that he can be claimed as a dependent on someone else's
return.
To be a Qualifying Child -
1. The child must be your son, daughter, stepchild, foster child,
brother, sister, half brother, half sister, stepbrother, stepsister, or a
descendant of any of them.
2. The child must be (a) under age 19 at the end of the year, (b)
under age 24 at the end of the year and a full-time student or (c) any
age and permanently and totally disabled.
3. The child must have lived with you for more than half of the year.
Temporary absences while away at college are considered living with
you.
4. The child must not have provided more than half of his or her own support for the year.
5. If the child meets the rules to be a qualifying child of more than
one person, you must be the person entitled to claim the child as a
qualifying child.
6. The child must be a U.S. citizen or U.S., Canada or Mexico resident for some portion of the year.
7. The child must be younger than you unless disabled.
Here are links to the IRS website for more information:
http://www.irs.gov/pub/irs-pdf/p929.pdfhttp://www.irs.gov/publications/p970/ch06.html#en_US_2013_publink1000295021I hope this helps! If you have any additional questions, please feel free to add a comment below!
