Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
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

MEG

Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement