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Posted by Phil Marti on February 6, 2007, 9:20 pm
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> My 19 year old son is a freshman. I got a 1098-T for his
> tuition.
>
> His tuition is being paid out of a 529 in his name. (yeah,
> that is a crappy way to do it, but there were good reasons
> for it at the time.) He will not have significant income in
> 2006, though he will in 2007. I will have good income in
> both years.
>
> Can he take advantage of any deductions for his payments?
> Can I? (I did not pay for anything except incidentals like
> books.)
Education tax benefits follow the student's dependency
exemption, unless no one claims the student's personal
exemption, in which case they go to the student.
You can't get a benefit from tax-free 529 distributions, and
books rarely count. See IRS Publication 970.
--
Phil Marti
Clarksburg, MD
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