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Posted by Arthur Kamlet on January 12, 2008, 9:29 pm
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>> 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.
>
>Since he has an income, did he use any of his money to support himself? If
>so - and at least 10% and no one did 50%, can't the parent sign over the
>exemption per agreement on form 2120? Or did the recent re-working by
>Congress a couple of years ago make that no longer an option?
I don't think this would work. First, I don't think a multiple support
agreement includes as one of he ten percenters, the person being
supported. Second, for this particular deduction, if you could claim
the dependency exemption for the student, and under a multiple
support agreement you could, you are the only one allowed to claim.
And you must also pay the tuition.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
--
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