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#1
02-08-2007, 12:45 AM
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 Re: Tuition deduction? tomwnd82[at]gmail.com (Tom=A0Williams) posted: - quote - > My son is a 22 year old college student who
Yes. Source of funds is not a factor. If the money was> qualifies as a dependent (we continue to > provide more than 1/2 of his support and he > lives in our home more than 1/2 of the year). > =A0=A0He is financing his education via Sallie Mae > loans. The institution has sent form 1098-T. > Can his 2006 tuition expenses paid with loan > proceeds be a deduction on his or our 1040 > return? paid in the period in question for the purpose defined, then it's a legitimate expense, for purposes of a tax credit or allowable deduction. Bill << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-08-2007, 12:45 AM
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| Re: Tuition deduction? Tom Williams <tomwn...[at]gmail.com> wrote: - quote - > My son is a 22 year old college student who qualifies as a
Yes, loan proceeds are considered income provided by the> dependent (we continue to provide more than 1/2 of his > support and he lives in our home more than 1/2 of the year). > He is financing his education via Sallie Mae loans. The > institution has sent form 1098-T. Can his 2006 tuition > expenses paid with loan proceeds be a deduction on his or > our 1040 return? signer of the loan, so you can still take education credits or deductions. But if the student signed the loan and the amount is large enough, this may affect the > 50% of the support you provided, as the loan proceeds are considered support provided by the dependent. Dennis << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-07-2007, 02:36 AM
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| Tuition deduction? My son is a 22 year old college student who qualifies as a dependent (we continue to provide more than 1/2 of his support and he lives in our home more than 1/2 of the year). He is financing his education via Sallie Mae loans. The institution has sent form 1098-T. Can his 2006 tuition expenses paid with loan proceeds be a deduction on his or our 1040 return? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| deduction, tuition |
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