- quote -

Please look again, Bob, particularly at page 13 of pub 970
which you just quoted. It says there what Dave Woods and I
both know, that if "you" claim the dependent as an
exemption, THEN, only "you" can claim the Hope credit and
not the dependent.

On what page did you find YOUR quote? Ah wait, I see it
now; it's on the very same page. How can THAT be?

ChEAr$,
Harlan Lunsford, EA n LA
Tue 8 Mar 2005

(rest snipped....)

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Bob Sandler wrote:

- quote -

If you're going to get your tax advice from a pub, you can't
pick and choose which parts of the pub you read. The boxes
to the right of those paragraphs explain that if the parent
claims the dependency exemption, the child may not claim the
Hope credit.

Phoebe

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- quote -

Incomplete reading of Pubs will bite you in the butt every
time. See "Who Can Claim a Dependent's Expenses" on page 12
of Pub 970.

--
Phil Marti
Clarksburg, MD

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- quote -

Pub. 970 says:

"If there are qualified education expenses for your
dependent for a year, either you or your dependent, but not
both of you, can claim a Hope credit for your dependent's
expenses for that year."

"If there are qualified education expenses for your
dependent for a year, either you or your dependent, but not
both of you, can claim a lifetime learning credit for your
dependent's expenses for that year."

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"Bill" <an_ordinary_guy_158[at]hotmail.com> wrote:

- quote -

No. If the child is claimed as a dependent, any credit or
deduction would go to the parent. It's statutory.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"8-Ball" <AteBall48043.nospam[at]AOL.com> wrote:

- quote -

Yours.

- quote -

Yes.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Your 1098 qualified tuition fees are elgible for the hope,
lifetime credit or tuition & fees deduction on your personal
return. These are the amounts paid for tuition only (not
room and board fees). You will need to file form 8863. As
per your daughter, yes file a return in her name and be sure
to check the box "claimed as a dependent on someone else's
return", this will still allow you to claim her and allow
her to get her withhholding back

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AteBall48043.nospam[at]AOL.com wrote:

- quote -

1. Either option is available, and if there were any
question you could work out the tax savings using each and
compare. However ...
2. Clearly, in this case, your daughter should file a
return in her own name (and SSN), in order to receive a
refund for the FIT withheld. Even though she is your
dependent, she still qualifies for the standard deduction of
$4850, which will wipe out any tax liability.

Please note the Tuition benefits are NON-refundable --
either in the form of an adjustment to income on page 1 of
the 1040, or (in your case) as a HOPE or Lifetime Learning
Tax Credit. From her age, HOPE -- which is available to
students only in the first two years of post-secondary study
-- should produce the greatest tax savings.

Since they're non-refundable, the tuition benefits would be
meaningless for your daughter at this point, but very useful
for her parents.

Bill

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1. Yes. The form # is 8863 and may be downloaded from
irs.gov

2. If she wants her refund, she must file a return to
receive it.

Missy Doyle

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I have an 18 year old, dependent daughter attending college.
I have two questions with that regard:

1. We received a 1098-T from the University indicating how
much was paid in 2004 for tuition. Does that information go
on my tax return, since I declared her as my dependent, or
does it go on her income tax form. She had a moderate
amount of income for 2004.

2. My daughter had income of under $2,000 in 2004 and had a
small amount of federal income tax withheld. Do I need to
file an income tax return in her name, even though I claimed
her as a dependent on my federal income tax, in order to
have her withholding tax returned?

Any and all input and advice on this matter is appreciated.
Thank you.

--
8-Ball

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