topic Can I deduct money i I paid for family college in Education https://ttlc.intuit.com/community/college-education/discussion/can-i-deduct-money-i-i-paid-for-family-college/01/1426983#M32079 Wed, 08 Apr 2020 21:01:08 GMT DexT7 2020-04-08T21:01:08Z Can I deduct money i I paid for family college https://ttlc.intuit.com/community/college-education/discussion/can-i-deduct-money-i-i-paid-for-family-college/01/1426983#M32079 Wed, 08 Apr 2020 21:01:08 GMT https://ttlc.intuit.com/community/college-education/discussion/can-i-deduct-money-i-i-paid-for-family-college/01/1426983#M32079 DexT7 2020-04-08T21:01:08Z Re: Can I deduct money i I paid for family college https://ttlc.intuit.com/community/college-education/discussion/re-can-i-deduct-money-i-i-paid-for-family-college/01/1427082#M32080 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Possibly. You must be able to claim that family member as a dependent, amongst other limitations:</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338"><U>Qualified Education Expenses</U></SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Qualified education expenses are tuition, fees, and course materials required for enrollment or attendance at an eligible educational institution.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Credit is allowed for expenses paid in 2019 for an academic period beginning in 2019 or in the first three months of 2020. Qualified expenses can be paid with borrowed funds. If a student withdraws, expenses qualify unless refunded.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit.&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>American Opportunity Tax Credit (AOTC)</STRONG></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You can use this credit for the first four years of college when working towards a degree.</SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Maximum credit is&nbsp;<STRONG>$2,500</STRONG>&nbsp;per eligible student.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Must be enrolled at least half time for at least one semester during the tax year.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Up to $1,000 can be refunded to you.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Lifetime Learning Credit</STRONG></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.</SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Maximum credit is&nbsp;<STRONG>$2,000</STRONG>&nbsp;per tax return.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Can be used when you're only taking one class.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You don't need to be working towards a degree.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">None of the credit is refundable.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Here are the <A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">AOTC requirements</A>:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The student must be the taxpayer, spouse, or a dependent claimed by the taxpayer. The student must meet all the following requirements to be eligible.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student has not already claimed the American Opportunity Credit in at least four prior tax years.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student had not completed the first four years of postsecondary undergraduate education before the tax year as determined by the educational institution.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• For at least one academic period beginning during the tax year, the student was enrolled at least half time in a program leading to a degree, certificate, or other recognized educational credential.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student had no federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">https://www.irs.gov/forms-pubs/about-publication-970</A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Tuition and Fees Deduction</STRONG>&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Taxpayers may deduct qualified education expenses they paid for eligible students up to:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $4,000 if modified AGI is $65,000 or less ($130,000 or less MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $2,000 if modified AGI is $80,000 or less ($160,000 or less MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $0 if modified AGI is over $80,000 ($160,000 MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Who cannot claim the Tuition and Fees Deduction</STRONG>&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">No deduction is allowed if:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• Filing status is MFS.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The taxpayer can be claimed as a dependent on another person’s tax return. The taxpayer cannot take this deduction even&nbsp;if the other person does not actually claim the taxpayer as a dependent.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The taxpayer or spouse was a nonresident alien for any part of the year who did not elect to be treated as a resident alien for tax purposes.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please click <A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">here </A>for more information.</SPAN></SPAN></P> Wed, 08 Apr 2020 21:18:36 GMT https://ttlc.intuit.com/community/college-education/discussion/re-can-i-deduct-money-i-i-paid-for-family-college/01/1427082#M32080 GiseleD 2020-04-08T21:18:36Z Re: Can I deduct money i I paid for family college https://ttlc.intuit.com/community/college-education/discussion/re-can-i-deduct-money-i-i-paid-for-family-college/01/1429338#M32101 <P>If you are unable to claim the tuition credit or deduction, because the student was not your dependent, the family member (usually the&nbsp; parent) who does claim the student can count your payments in claiming the credit for himself.&nbsp; If the student is no one's dependent, he can count your payments on his return.</P> Thu, 09 Apr 2020 11:29:36 GMT https://ttlc.intuit.com/community/college-education/discussion/re-can-i-deduct-money-i-i-paid-for-family-college/01/1429338#M32101 Hal_Al 2020-04-09T11:29:36Z
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topic Can I deduct money i I paid for family college in Education
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<title>Re: Can I deduct money i I paid for family college</title>
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<P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Possibly. You must be able to claim that family member as a dependent, amongst other limitations:</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338"><U>Qualified Education Expenses</U></SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Qualified education expenses are tuition, fees, and course materials required for enrollment or attendance at an eligible educational institution.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><SPAN style="color:#2d3338">Credit is allowed for expenses paid in 2019 for an academic period beginning in 2019 or in the first three months of 2020. Qualified expenses can be paid with borrowed funds. If a student withdraws, expenses qualify unless refunded.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Education tax credits can help you with higher education costs by reducing the amount of tax you owe. There are two credits available, the American Opportunity Tax Credit and the Lifetime Learning Credit.&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>American Opportunity Tax Credit (AOTC)</STRONG></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You can use this credit for the first four years of college when working towards a degree.</SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Maximum credit is&nbsp;<STRONG>$2,500</STRONG>&nbsp;per eligible student.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Must be enrolled at least half time for at least one semester during the tax year.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Up to $1,000 can be refunded to you.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Lifetime Learning Credit</STRONG></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">There is no limit on the number of years you can use this credit for undergraduate, graduate and professional degree courses, including ones to improve job skills.</SPAN></SPAN></P> <UL> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Maximum credit is&nbsp;<STRONG>$2,000</STRONG>&nbsp;per tax return.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Can be used when you're only taking one class.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You don't need to be working towards a degree.</SPAN></SPAN></LI> <LI><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">None of the credit is refundable.</SPAN></SPAN></LI> </UL> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Here are the <A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">AOTC requirements</A>:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The student must be the taxpayer, spouse, or a dependent claimed by the taxpayer. The student must meet all the following requirements to be eligible.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student has not already claimed the American Opportunity Credit in at least four prior tax years.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student had not completed the first four years of postsecondary undergraduate education before the tax year as determined by the educational institution.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• For at least one academic period beginning during the tax year, the student was enrolled at least half time in a program leading to a degree, certificate, or other recognized educational credential.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The student had no federal or state felony conviction for possessing or distributing a controlled substance as of the end of the tax year.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">https://www.irs.gov/forms-pubs/about-publication-970</A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Tuition and Fees Deduction</STRONG>&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Taxpayers may deduct qualified education expenses they paid for eligible students up to:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $4,000 if modified AGI is $65,000 or less ($130,000 or less MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $2,000 if modified AGI is $80,000 or less ($160,000 or less MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• $0 if modified AGI is over $80,000 ($160,000 MFJ)</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>Who cannot claim the Tuition and Fees Deduction</STRONG>&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">No deduction is allowed if:</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• Filing status is MFS.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The taxpayer can be claimed as a dependent on another person’s tax return. The taxpayer cannot take this deduction even&nbsp;if the other person does not actually claim the taxpayer as a dependent.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">• The taxpayer or spouse was a nonresident alien for any part of the year who did not elect to be treated as a resident alien for tax purposes.</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">&nbsp;</SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please click <A href="https://www.irs.gov/forms-pubs/about-publication-970" target="_blank">here </A>for more information.</SPAN></SPAN></P>
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<pubDate>Wed, 08 Apr 2020 21:18:36 GMT</pubDate>
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<dc:date>2020-04-08T21:18:36Z</dc:date>
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<title>Re: Can I deduct money i I paid for family college</title>
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<P>If you are unable to claim the tuition credit or deduction, because the student was not your dependent, the family member (usually the&nbsp; parent) who does claim the student can count your payments in claiming the credit for himself.&nbsp; If the student is no one's dependent, he can count your payments on his return.</P>
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<pubDate>Thu, 09 Apr 2020 11:29:36 GMT</pubDate>
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