I am proud to read out I clear for my married daughter's college tuition, but can I claim it on my taxes?
Answers:
solitary if she is your dependent, which from you clich¨¦ "married" daughter, I doubt that she is. Sorry.
ask your cpa.
Only if she is your dependent. And if she is married and living near her spouse, she cannot be your dependent.
But it is a nature article to do and will volunteer benefits to your descendants.
Even those who can rob the tuition credit are getting smaller amount respectively year if they are subject to the Alternative Minimum Tax - By the process , contact your State Senator surrounded by Washington to ask them to get hold of rid of AMT! It stinks!
http://www.irs.gov/taxtopics/tc457.html...
If your daughter is not your dependent after you do not capture to use the Tuition and Fees Deduction, Hope Credit, or Lifetime Learning Credit on your federal levy return.
If you clear the money into a 529 plan for your state, you may take a duty break on your state taxes. The money will after retribution the college tuition, it doesn't own to sit contained by the side any time of year of time.
If you grant the money to your daughter and she pays the tuition, she may be capable of pocket ascendancy of a due benefit on her return.
Not unless you can claim her as a dependent. Only in infrequent situations could you claim as a dependent a married child living near their spouse.