College Costs

[tuffbrk]

What is the name of your state? NJ

If you are claiming your child, then you will take all the pertinent college costs.

Would like clarification -

My 19 yo works (takes after Mom ) and files taxes on his own. He earns appr. $12,000 per year. Thus, I don't claim him as an exemption. However, I paid his college tuition last year - so I get to claim the tuition even though I don't claim him specifically, right? Please say yes?

 

[FlyingRon]

Nope, they must be a dependent for who you claimed an exemption.

 

[TinkerBelleLuvr]

What is the name of your state? NJ



Would like clarification -

My 19 yo works (takes after Mom ) and files taxes on his own. He earns appr. $12,000 per year. Thus, I don't claim him as an exemption. However, I paid his college tuition last year - so I get to claim the tuition even though I don't claim him specifically, right? Please say yes?

The exemption goes with the person who is claiming the personal exemption.

As for his having made $12K last year, while they are under 23, if you are providing more than have the support (that part of keeping a roof over the head and food in the belly ), then it doesn't matter about how much money he made.

You may want to work it both ways - claiming him and the college tuition and him claiming himself. I'm sure y'all could find a happy medium on the refund portion.

 

[tuffbrk]

I'm lost - I thought only one person could claim an exemption on one SSN? So if he claims himself, then how do I claim him as well?

 

[NotClueless]

I'm lost - I thought only one person could claim an exemption on one SSN? So if he claims himself, then how do I claim him as well?

I'm suggesting that you work it out both ways and see which gives you the best return:
1. Son claims himself and gets the education credits
or
2. You claim your son and the education credits. He files the return showing that he is a dependent of you.

 

[TinkerBelleLuvr]

I'm suggesting that you work it out both ways and see which gives you the best return:
1. Son claims himself and gets the education credits
or
2. You claim your son and the education credits. He files the return showing that he is a dependent of you.

Clarification: this is true if son is FULL-TIME student.

 

[tuffbrk]

Oh! LOL! I feel so stupid. I thought you meant he was supposed to claim himself and I was supposed to claim him too! I'm telling you - It's all because of the hair dye I've used over the years!

So - in my own words to make sure I'm understanding....
When he files, when the software asks if someone other than you can claim you - he'd say Yes. He wouldn't have any exemptions and presumably wouldn't get a refund.

So I'd then reimburse him when I get my refund - which is what you meant when you said we could reach a happy medium. (And yes, he is a FT student.)

Thanks much!

P.S. Can you even believe that I have to dye my hair blonde?! I'm the sterotypical blonde joke...

 

[LdiJ]

Oh! LOL! I feel so stupid. I thought you meant he was supposed to claim himself and I was supposed to claim him too! I'm telling you - It's all because of the hair dye I've used over the years!

So - in my own words to make sure I'm understanding....
When he files, when the software asks if someone other than you can claim you - he'd say Yes. He wouldn't have any exemptions and presumably wouldn't get a refund.

So I'd then reimburse him when I get my refund - which is what you meant when you said we could reach a happy medium. (And yes, he is a FT student.)

Thanks much!

P.S. Can you even believe that I have to dye my hair blonde?! I'm the sterotypical blonde joke...

Yes, you understand it correctly.

 

[tuffbrk]

Thank you!