I have two dependent children in college. They both received scholarships in excess of their qualified expenses and therefore there is federal and state tax to pay on the excess.
I had home energy and retirement credits in excess of my tax liability.
Since my children are claimed as my dependents, is there a way that I can apply my lost/unused credit towards their scholarship tax liability (which I pay for them)? My credits that were not used would cover the taxes for the scholarships.
