2598849
My daughter turned 18 last April and started college in the Fall of 2021. I claim her as a dependent on my tax return and her mother claims our son on her return. Her mother and I split our daughter's college expenses 50/50. Her mother is technically the owner of our daughter's 529 plan, but we fund the account evenly. How do we account for college expenses on our tax returns? Do I claim all of her expenses since she is technically my dependent? Or does her mother claim them since she is technically writing the checks out of the 529 account? Can we (ideally) split them? Any guidance is greatly appreciated.
You'll need to sign in or create an account to connect with an expert.
If the funds cover the expenses and there is nothing taxable due to paying for items not covered, then it is a moot point.
If there is an education credit to be claimed, only you can claim it. What you can do is see the benefit you get from the credit and give the mother a portion of the money.
Thank you. I was actually going to do that - that is, split any benefit that I might receive equally with her mother. So thanks for confirming that aspect.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
bgoodreau01
Returning Member
bgoodreau01
Returning Member
litzyrios13
Level 1
ATLTiger
New Member
SueWilkinson2
Returning Member