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Give Your College Kid a Tax Break
Junior may be able to take advantage of tax credits for education even if you can't.
 
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Posted 3:37 PM EST March 04, 2008
Posted by: tobydeville
As a current college student myself, I used the lifetime learning credit to my benefit. I have paid for all my secondary education on my own without any assistance from my parents. If I paid for it, I should get the money back, not my parents. Not everyone has the luxary of having their parents pay for everything and when I can get money back for things I have paid for, I am gonna take it.
Posted 1:12 PM EST March 03, 2008
Posted by: widesmile
J4R3D22 I believe you are correct, and many people could have saved time by reading the last paragraph. This piece really only applies to those AGI levels, and if you're earning that much, you probably have someone do your taxes for you, so you could e-mail this article to them.
Posted 11:40 AM EST March 03, 2008
Posted by: widesmile
J4R3D22
Posted 3:20 AM EST March 02, 2008
Posted by: J4R3D22
This is all well and good, but why would a parent be willing to give up the 3,400 dollar dependency exemption so that their child can save a couple hundred dollars? The lifetime learning, or hope credit are both worth less than the exemption amount. Would it not be smarter in the case of this article for the parents to simply claim the exemption, and then aid the child in what ever amounts the child has to pay in to the IRS? In most instances this would result in both the parents and the child coming out on top.
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