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Posted by Geoff on March 1, 2007, 7:06 am
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>> My son's tuition is paid out of his own 529 plan. Incredibly
>> enough, that allows me to take a NYS tuition credit. (thanks
>> Victor!)
>>
>> Does anything like that happen on Federal also? Or is he
>> the only one that can claim the credit/deduction, and only
>> then if I don't claim him as a deduction?
> Several issues at work here. You cannot base any tax
> benefit on expenses paid with tax-free distributions from
> the 529. If there are qualified expenses above that amount,
> a credit or the tuition/fees deduction may be available.
>
> An education credit can be taken only on the return claiming
> the student's personal exemption unless no one claims the
> student's exemption, in which case the credit can be claimed
> only on the student's return.
>
> The tuition deduction can be taken only by the person who
> paid it and cannot be claimed on a dependent's return.
Sucks, but thanks for the information.
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