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Submitted By: Chuck
Answered: December 16, 2016 1:00 pm
Answered: December 16, 2016 1:00 pm
My daughter is graduating from college in May 2017. I paid her tuition. Can I let her claim the lifetime learning credit?
Yes. If your income is too high to allow you to benefit from the credit, you can let your child use it. To do this, you must forego the dependency exemption you would otherwise have claimed for her.
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Tax Glossary
Itemized deductions
Items, such as interest, state and local income and sales taxes, charitable contributions, and medical deductions, claimed on Schedule A of Form 1040. Itemized deductions are subtracted from adjusted gross income to arrive at taxable income. The amount of itemized deductions is also subject to a reduction when adjusted gross income exceeds certain limits.
