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Author: MEG Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: new educational expense deduction Date: 2/27/2003 8:10 PM
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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

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Author: lorenzo2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64144 of 121061
Subject: Re: new educational expense deduction Date: 2/27/2003 8:35 PM
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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


Sure, as long as they're qualified in all other respects: they're your dependents, you paid qualifed tuition/fees, your AGI falls into the right range, etc.

Lorenzo

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Author: MEG Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 64229 of 121061
Subject: Re: new educational expense deduction Date: 3/2/2003 6:30 PM
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Thanks Lorenzo
At first I couldn't figure this out because Taxact did this automatically for me.
Taxcut does not..you have to know to take the lifetime credit for the 2nd student and then tell the program.
thanks for confirming this..

MEG

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