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I have claimed the 'American Opportunity Credit' and 'Education Credit' for the last four tax years: 2016, 2017, 2018, and 2019.
These credits were for my son/dependent.
He graduated in June of 2020, started working; and I will not claim him as a dependent in 2020.
I paid $11,503 for his tuition in 2020 (last semester of his senior year).
I understand the 'American Opportunity Credit' is not available, as if is for only four years.
What about the 'Education Credit'?
Can I claim the 'Education Credit' on my tax return for 2020 (even though the student, my son, won't be a dependent on my 2020 tax return)?
If I cannot can my son claim an 'Education Credit' for the tuition payment? (Perhaps, under the concept that this is a gift to my son, which was then used to pay for tuition?)
Thank you all, in advance, for your thoughts.
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You seem to be on the wrong website. This website is for tax professionals. If you are using TurboTax or some other do-it-yourself method, please visit the TurboTax Help site for support or schedule an appointment with a tax professional in your area.
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🙂
I am a long-time ProSeries user/licensee.
I am pretty sure I wouldn't have been able to enter this forum without a license.
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"I am pretty sure I wouldn't have been able to enter this forum without a license."
That's not the case: Intuit has never locked this door.
What you need to do is Clarify that you are asking for Personal tax guidance from the peer users that volunteer here. Because otherwise, it is assumed you are a professional tax preparer working on Client returns, like most everyone else here.
Or you are Lost, when you ask for personal guidance.
Don't yell at us; we're volunteers
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I don't think newbies have made it to Level 3. I would allow semi-pro status, especially since the program in question is Pro Series. The tax credits have been around long enough for most pros to know it doesn't matter who paid the tuition. The mom can claim the credit on a joint return with the step-dad, even when the ex-husband paid the bill. I'm interested in why the kid can't be claimed as a dependent for 2020, since he appears to have been in school for part of at least five months. Just because the kid wants his own $1,200 doesn't mean he gets to claim himself.
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I have claimed the 'American Opportunity Credit' and 'Education Credit' for the last four tax years: 2016, 2017, 2018, and 2019.
OK - THEN IF HE IS A DEPENDENT (SEE THE DEPENDENT QUALIFICATION RULES), THEN YOU OBVIOUSLY CAN'T CLAIM THE AOTC FOR 2020.
These credits were for my son/dependent.
He graduated in June of 2020, started working; and I will not claim him as a dependent in 2020.
AND....HE MADE HOW MUCH IN 2020? YOU LEFT OUT AN IMPORTANT FACTOR IN YOUR QUESTION - I NEED TO KNOW THAT IN ORDER TO DETERMINE WHETHER HE IS YOUR DEPENDENT FOR 2020.
I paid $11,503 for his tuition in 2020 (last semester of his senior year).
I understand the 'American Opportunity Credit' is not available, as if is for only four years.
BINGO
What about the 'Education Credit'?
DEPENDS ON WHETHER HE IS A DEPENDENT. YOU'RE ASKING THE QUESTION WITHOUT FIRST KNOWING WHETHER HE QUALIFIES AS A DEPENDENT FIRST
Can I claim the 'Education Credit' on my tax return for 2020 (even though the student, my son, won't be a dependent on my 2020 tax return)?
OH OK, IF HE IS IN FACT NOT A DEPENDENT OF YOURS, THEN OF COURSE YOU CAN'T CLAIM THE EDUCATION TAX CREDIT. IF THAT WERE TRUE, I'D LOVE TO CLAIM THE EDUCATION TAX CREDIT FOR MY NEPHEW WHO IS NOT MY DEPENDENT!
If I cannot can my son claim an 'Education Credit' for the tuition payment? (Perhaps, under the concept that this is a gift to my son, which was then used to pay for tuition?)
YEP
Thank you all, in advance, for your thoughts.
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@TaxGuyBill wrote:...please visit the TurboTax Help site for support...
Thank you for the suggestion.
I did this just now, and have already received an answer.
Again, many thanks.
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@Ephesians3-14 "AND....HE MADE HOW MUCH IN 2020? YOU LEFT OUT AN IMPORTANT FACTOR IN YOUR QUESTION - I NEED TO KNOW THAT IN ORDER TO DETERMINE WHETHER HE IS YOUR DEPENDENT FOR 2020."
Why?
But maybe we need to know when he moved out.
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Need to know how much he made because one of the dependency requirements is: Did you provide more than half of his support? Having that info would enable me to answer your original question.
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So they brought back the support test for "qualifying child"? I must have been absent that day.