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Financial Planning / Tax Strategies
|Subject: new educational expense deduction||Date: 2/27/2003 8:10 PM|
|Author: MEG||Number: 64143 of 122021|
I have two boys in college, one in the fourth year and the other in the third year.
I realize that I cannot take the new educational expense deduction
and the lifetime credit for the same student.
but I have two sons, expenses for son #1 is $3500
educational expenses for son #2 is $4605.
Question: can I take the new $3000 eductional deductional Line 26 on form 1040 for son #1
AND the lifetime credit for son # 2 20% of the $4605 =$921
I think so
Thanks in advance
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