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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
Carryforward
A tax technique of applying a loss or credit from a current year to a later year. For example, a business net operating loss may be carried forward 20 years instead of being carried back.
