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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2312
Experience:  IRS licensed Enrolled Agent and tax instructor
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I would like to know if I could get a tax reduction my

Customer Question

I would like to know if I could get a tax reduction for paying my grandsons college fees I file jointly and our income exceeds $250ooo
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

If your income is over 250K you will not qualify for any education benefits (credit or deduction). In order to qualify you would have to claim your grandson as your dependent and your combined income would have to be bellow 160k.

I really hate to deliver a bad news. Here's a quick summary what education tax benefits are available. http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

Expert:  emc011075 replied 1 year ago.

However your grandson or whoever claims him as his/her dependent may claim education credit, even thought you paid the tuition/fees.

Let me know if you have any questions.

Expert:  emc011075 replied 1 year ago.
I see you read my respond. Do you have any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.