1st question: Are there any kind of tax breaks when paying tuition for a dependent? There are at least four education tax breaks that I am aware of-1. Hope credit2. Lifetime learning Credit3. Education IRA (Coverdell)4. Interest deduction on education loansThe first two are an either/or for a student.2nd question: ...I'm not sure you want your son as the primary on joint savings/checking accounts. Why not just simplify things and pay the tuition from your current account and open the higher interest account as a separate account? Also, unless your son is living at home, there is a reasonable chance there are equivalent or better banking resources near, or at, his college/university.I think the IRS document you need is Pub 970http://www.irs.gov/pub/irs-pdf/p970.pdfHohum
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra