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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
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
