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RD, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 8784
Experience:  MBA, CPA
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Hello, I cashed in an annuity for $6432. It was in my name

Customer Question

Hello, I cashed in an annuity for $6432. It was in my name for my son whi is a full time student in college. I realize the 1099 is coming to me but can I do anything to sane on my turbo tax where It was used just for college. I actually even wrote him a check for the amout for his college account. Please advise. Thank you XXXXX user
Submitted: 6 years ago.
Category: Finance
Expert:  RD replied 6 years ago.

RD :

You can claim education credit for the payments made for your kids college against your tax liability. Please note that you must claim your child as a dependent and that your income must not be too high to claim thhis credit.

RD :

Education expenses may include tuition and course materials required for enrollment.