do I get to deduct any of this college tuition off my taxes?

[Anonymous]

anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

[Anonymous]

If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

[Anonymous]

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

Worth only $2500 so insignificant when looking at a SLAC at $95k a year

[Anonymous]

Anonymous wrote:

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

Worth only $2500 so insignificant when looking at a SLAC at $95k a year

2500 per kid or total?

[Anonymous]

President Bartlett tried to make this happen but Washington was too divided in the fictional early aughts so he had to settle for the tiny tax credit. Blame Alan Alda maybe?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

Worth only $2500 so insignificant when looking at a SLAC at $95k a year

2500 per kid or total?

Each parent can do $2500 per kid in Maryland if you have a Maryland 529 so $5k per kid.

[Anonymous]

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

[Anonymous]

Anonymous wrote:

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

Is this a contest?

[Anonymous]

Use IRS form 8863?

[Anonymous]

My kids are graduated, but it’s only the minimal credit off the top of your income. You should receive a tax form from each college.

[Anonymous]

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

Look carefully at any merit received as well. If not going directly to pay for tuition it will be viewed as income for the recipient.

[Anonymous]

If your kids earn enough it is sometimes better to not claim them as dependent and let them get the credit (as their lower income will qualify). But they have to have enough tax to do it.

[Anonymous]

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

I can have no taxes on regular investment account. 529 is not a good deal at all. It takes the tax credit from people who don't know any better.

[Anonymous]

LOL NO!!

[Anonymous]

Get your company to pay you as a 1099 and Start an llc for your family! I don’t know if it’s legal but I thought about doing it for youth travel sports expenses. lol.