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#4
01-10-2006, 04:12 AM
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 Re: Educ Credit "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote: - quote - > Paul Thomas, CPA wrote:
If the tuition was reduced by the 529 Distr. in NY,is the> > "bill" <bw1945[at]nospamnow.com> wrote > > > I claim my daughter as a dependent (qualifying child) and > > > want to take the Hope Credit. My mother in law paid part of > > > her tuition with a 529 distribution. > > > > > Can I still take the Hope Credit if part of the tuition was > > > paid this way? > > No. > Paul's answer is technically incorrect. The question was > whether a Hope Credit could be taken even though some part > of the tuition was paid with a tax-free 529 distribution. > Phil's answer was correct. The Hope Credit is still > available but one can not include the expenses that were > paid for by the tax-free distribution. entire amount used to reduce the tuition amt or just the amount that grew tax free? i.e 3000 put into 529 plan and 4000 out thus 1000 was tax free but in NY, the principal is allowed to be deducted from total income. The 529 Distr. was sent to college direct! bw << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
01-09-2006, 02:34 AM
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| Re: Educ Credit "A.G. Kalman" <glendale202-tax[at]yahoo.com> wrote: - quote - > Paul Thomas, CPA wrote:
I read the last part of the question wrong. Thought they were> > "bill" <bw1945[at]nospamnow.com> wrote > > > I claim my daughter as a dependent (qualifying child) and > > > want to take the Hope Credit. My mother in law paid part of > > > her tuition with a 529 distribution. > > > > > Can I still take the Hope Credit if part of the tuition was > > > paid this way? > > No. > Paul's answer is technically incorrect. The question was > whether a Hope Credit could be taken even though some part > of the tuition was paid with a tax-free 529 distribution. > Phil's answer was correct. The Hope Credit is still > available but one can not include the expenses that were > paid for by the tax-free distribution. wanting to take the credit for the amount paid with the 529 from grandma. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
01-09-2006, 12:01 AM
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| Re: Educ Credit Paul Thomas, CPA wrote: - quote - > "bill" <bw1945[at]nospamnow.com> wrote
Paul's answer is technically incorrect. The question was> > I claim my daughter as a dependent (qualifying child) and > > want to take the Hope Credit. My mother in law paid part of > > her tuition with a 529 distribution. > > > Can I still take the Hope Credit if part of the tuition was > > paid this way? > No. whether a Hope Credit could be taken even though some part of the tuition was paid with a tax-free 529 distribution. Phil's answer was correct. The Hope Credit is still available but one can not include the expenses that were paid for by the tax-free distribution. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
01-07-2006, 02:36 AM
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| Re: Educ Credit "bill" <bw1945[at]nospamnow.com> wrote - quote - > I claim my daughter as a dependent (qualifying child) and
No.> want to take the Hope Credit. My mother in law paid part of > her tuition with a 529 distribution. > Can I still take the Hope Credit if part of the tuition was > paid this way? -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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01-07-2006, 02:17 AM
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| Re: Educ Credit "bill" <bw1945[at]nospamnow.com> wrote: - quote - > I claim my daughter as a dependent (qualifying child) and
Yes, but you must reduced qualified expenses by the amount> want to take the Hope Credit. My mother in law paid part of > her tuition with a 529 distribution. > Can I still take the Hope Credit if part of the tuition was > paid this way? paid by your mil. See page 11 of IRS Publication 970. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
01-06-2006, 07:26 PM
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| Educ Credit I claim my daughter as a dependent (qualifying child) and want to take the Hope Credit. My mother in law paid part of her tuition with a 529 distribution. Can I still take the Hope Credit if part of the tuition was paid this way? tks all bw << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| credit, educ |
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