how do you treat college tuition credits on taxes
Another blog made me research this a little more. Skid will be off to college in 3 years. Although her mother may pay something, the bulk of the cash for college will come from SO. They alternate claiming Skid every other year. But it seems that you can only get the tuition credit on your taxes IF you are claiming the child that year.
Giving each other the difference in taxes each year won't happen. Mom doesn't understand big concepts like that, and will just think SO is trying to screw her.
How have others dealt with this?
- SheScreamsinSil's blog
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I mean tuition, fees, books,
I mean tuition, fees, books, housing and food. (Assuming that she goes to a 4 year school immediately). 1098-T form...I will check that out. Thanks for the link!
It's 3 years away, and I'm pushing them to start planning now. I KNOW mom won't have a lot to contribute for college (she's not working and going to school now herself). I'm not looking to cheat her out of any tax benefits that might be hers, but I also don't want to see SO pony up the cash, and mom reap the benefits on her taxes.
I don't think there will be loans involved. Neither parent would qualify as a co-signer.
Off to check out that link. Thanks LadyFace!