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Financial Planning / Tax Strategies
|Subject: Deductions/Credits Available???||Date: 5/18/2013 8:08 PM|
|Author: harbor991||Number: 118609 of 122105|
My wife and I are fully retired in our mid-sixties and wish to pay up to $5000 a year per child towards the costs of post-secondary or tertiary education for a number of our nieces, nephews, and great-nieces/nephews ranging in age from 5-16 years. None of the children live with us, and we don't contribute anything towards their upkeep/care that would qualify them as our dependents.
Given the relationships, are there any tuition related tax credits, deductions, or other tax related advantages or approaches available to us? I have researched an IRS Tax Tip pamphlet entitled “Five Ways to Offset Education Costs” (found here: http://www.irs.gov/uac/Five-Ways-to-Offset-Education-Costs), and have also read IRS Publication 920. In all cases we don't meet the dependency requirement. I'm out of ideas, and would appreciate any suggestions, guidance, or advice.
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