|
Posted by Alan on January 12, 2008, 8:29 pm
Please log in for more thread options Arthur Kamlet wrote:
>> Taxlover wrote:
>>> As I understand it, my income it too high to get any tuition
>>> credits/deductions on my son.
>>> It was recommended that I not take him as a deduction and then he can get
>>> some sort of benefit on HIS tax return. But I don't find that; his income
>>> is too high for anything also.
>>> Is there something I am overlooking?
>>>
>> If your son is your dependent and you do not get any tax benefit
>>from actually claiming the exemption, you can disclaim the
>> exemption. Your son may not claim his own exemption as he is
>> still your dependent, but he may use the tuition and fees
>> incurred for his higher education as either a tax deduction or
>> tax credit on his own return.
>
> This works for the Education tax credits, but does not work for
> the Tuition & Fees Deduction.
You are correct. In fact, if you are the only one eligible to
claim the exemption and disclaim it for a dependent, no one gets
the deduction.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap