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Education
Never mind on the LLC questions - just read up on it. Seems like if I owe taxes, I should claim tuition up to the max I have to cover the expenses, but if I’m receiving a return allready, the LLC doesn’t matter.
It looks like I should prep my taxes inclusive of all our other sources, including the 529 if my wives name is on it, and IF there is liability at the end, utilize the LLC to reduce that to zero.
If her mother is on the 529, she would utilize the remainder of the 1098T tuition payments to reduce her tax liability as long as there is a balance post scholarships and my LLC credit.
February 10, 2020
9:52 AM