Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
If your son is working and has some taxable income for 2011, he might be able to benefit from the education credits.

To do this, you would choose not to claim him as a dependent on your tax return. Because of AMT, you don't get any tax benefit for him anyway. So it doesn't cost you anything. (On your federal return, anyway. It may make a difference on your state income tax return.)

Then he could claim the education credit on his return. He can't claim himself as a dependent, because you could claim him even though you are choosing not to.

It might save the family a bit of taxes. And it's about the only way to salvage something out of this year's tuition payments.

--Peter
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.
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.