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Posted by Victor Roberts on March 1, 2007, 7:25 am
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>>> My 19 year old son is paying his own college tuition.
>>> He has no significant income or deductions.
>>>
>>> Apparently claiming him as a dependent is worth more to me
>>> than a Federal deduction would be worth to him; so I am
>>> claiming him as a dependent.
>>>
>>> On the NYS form he can claim a deduction anyhow, not that he
>>> would be paying much taxes anyhow. But when I run it
>>> through TaxCut, it says he can't take a deduction because he
>>> did not take an itemized Fed deduction.
>>>
>>> Is that right? It is pretty confusing, and I just want to
>>> be sure. Thanks.
>> I'm not a tax pro, and it's been a few years since I have
>> dealt with the NY college tuition credit for my own kids,
>> but you can get more information from New York Publication
>> 10W, available here:
>> http://www.tax.state.ny.us/pdf/publications/income/pub10w_1006.pdf.
>>
>> Based on a quick read of this eligible students may claim
>> either a tax credit or an itemized deduction - HOWEVER,
>> neither seems to be available to anyone who is claimed as a
>> dependent on another person's NY State tax return.
>>
>> If you son is your dependent and if you had paid the tuition
>> you would be eligible for the credit or itemized deduction.
> Thank you! It says that I can claim the state credit, even
> though he paid the tuition. It is only $400, but still...
It seems that question 4 in the Q&A says that you can also
choose to claim the itemized deduction though your son paid
the tuition. So, you seem to have the option of choosing
either the credit or the deduction, which ever produces the
greater reduction in your state income tax.
--
Vic Roberts
Replace xxx with vdr in e-mail address.
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