International wire transfer total amount over 10K

[hayakawa41]

I paid for  my son's tuition to direct to overseas university and send to my son for living cost overseas.

Total amount is over 10k as of end of year calendar.

Do I have to pay tax ?or report to IRS?

[AmyC · Accepted solution]

No tax. Possible credit. Possible need to report. You or your son may have financial accounts overseas and need to file. Here is a comparison of the 8938 and FBAR requirements.

If you paid an eligible institution and your income is below the AOTC eligibility limits, you could claim the expenses and the education credit on your tax return.

AOTC  eligibility

$80,000-$90,000

$160,000- $180,000 MFJ

[hayakawa41]

Thank you very much for your help