Hello, thanks for your responses. Let me clarify my situation.
"Are you also eligible for your parents to claim the American opportunity tax credit or the lifetime learning tax credit in your name?"
Yes, as long as I don't claim the business deduction, I am eligible to claim the AOTC and the Lifetime Learning Credit per the IRS Interactive Tax Assistant. I'm not able to claim it as a refund, only as a tax credit. Furthermore, the ITA tool tells me "Treat the expenses paid by your dependent or another person as if you paid them" for the Lifetime Learning Credit.
“Education expenses are only deductible as a work expense if they are to maintain or improve your skills or credentials in your current job, not to meet the minimum requirements for a new job.”
Yes, I have already said I qualify for this deduction. I’m not finding a new job, I’ve had this job for years. And I certainly met the minimum requirements of my job considering my LLC is not bankrupt. My education helps me improve my skills in my job.
“The key word here is *QUALIFY*. So it flat out *does* *not* *matter* if your parents claim you or not. If your parents *QUALIFY* to claim you as a dependent on their tax return, then you the student just flat out do not have a choice here. You *MUST* select the option for *I can be claimed on someone else's tax return".”
That’s exactly why I said I CAN be claimed but I WILL not be. I’m not sure if you are saying this affects my ability to claim this deduction.
“"Can I still claim this deduction even if I’m not the one paying for the tuition?"
Absolutely not. That would be double-dipping. Qualified education expenses claimed in the Education section of *ANY* return, can not be claimed again in the business section or any other section of your tax return for that matter.”
Where did I say my parents or I was going to claim this in the education expenses section? I’ve never stated this and I don’t intend to double dip. Are you saying my parents are obligated to make this claim? I’m pretty sure they can choose not to, which would let me claim it as a business expense.
“The same tuition can’t be used as a work deduction and a tuition credit, but it can be possible to claim both depending on the amount of tuition. More information is needed.”
Interesting, I can provide more information as necessary. What do you need to know? Thank you!
