i am 25 and had over $45,000 in tuition expenses

[ivanabe]

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i am 25 and had over $45,000 in tuition expenses in 2008. What I am wondering if how can I deduct those expenses on my parents' taxes?

It doesn't make sense for me deduct on mine because I didn't work last year so it wouldn't help me out much at all. I'll get the max $2,000 lifetime credit but that's about it.

Thanks

 

[HupHolland]

Who is covering 50% of your total expenses: your parents or your loans?

Hup

 

[ivanabe]

Who is covering 50% of your total expenses: your parents or your loans?

Hup

my parents. they pay half of my tuition..and some living expenses

 

[JamesOSU]

This should be moved to the Pre-Accountant forums... oh wait

 

[Turnerjo13]

The way that I am currently doing it is this: Since I am less than 25 and my parents pay 1/2 of my living expenses (not my school expenses) and I am in school, I can be claimed as a dependent on their taxes. This ends at age 25. I can also stay on their health insurance because I am considered a dependent. This works out well because I live relatively cheaply. So it evens out pretty well with the tax saving to the parents and health insurance savings to me. The cost of health insurance, my portion of the family cell phone plan and family plan auto insurance is cheaper than doing it individually and counts as the parents contribution towards 1/2 my living expenses. The money that I get from the parents they first put into a college savings plan that is tax deductible. My mom is a CPA and figured this all out unfortunately this is my last year of pulling this off.

 

[AlwaysImproving]

I think you can call the financial aid office at your school and ask, they are so helpful!