topic Re: deductions in Education

deductions

lorrhudson — Mon, 27 Jan 2025 02:20:17 GMT

What specific deductions can be taken for a college student living at home for taxes?

Re: deductions

Hal_Al — Mon, 27 Jan 2025 02:25:25 GMT

There are no actual deductions. But, there are two tuition/ education credits. Qualified educational expenses (QEE) include, tuition, fees and course materials (mainly books and a computer).

But, there's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. It is usually best if the parent claims that credit.

You cannot claim the (up to) $1000 refundable credit if you are, or can be, claimed as a dependent by someone else.

Re: deductions

xmasbaby0 — Mon, 27 Jan 2025 02:32:10 GMT

If you are claiming your college student as a dependent you can look at the education credits such as American Opportunity Tax Credit. Do you have a 529 Plan that is being used for any of his expenses?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualified-education-expenses-american-opportunity/L4y6Sjdx6_US_en_US?uid=m5zq0i8s

IS ROOM AND BOARD DEDUCTIBLE?

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/room-board-deductible/L2lr8ryp2_US_en_US?uid=m5zq7xdl

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/eligible-take-american-opportunity-tax-credit/L8ZQFKvLe_US_en_US?uid=m6efibfz

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/qualified-education-expenses-american-opportunity/L4y6Sjdx6_US_en_US?uid=m6efmvbn